Nifty Outlook for 08th May

 In the previous session:

Nifty went up by 56 points then went down by 210 points before closing lower by 140 points on Tuesday 

Nifty made a new lifetime high of 22794.70 on 03rd May 2024 from the lows of 7511.10 made on 24th March 2020

On 07th May:

Nifty triggered our short trade and completed all targets doing 145 points 

For 08th May:

Sustaining above 22350 can move towards 22380 - 22420 - 22510, SL 22315

Sustaining below 22250 can move towards 22220 - 22185 - 22090, SL 22285

(One should ideally look to exit near the 2nd target once a trade is triggered)

In the Previous Week: 

Nifty triggered our weekly long trade sustaining above 22575 and made a high of 22794.70 doing 200 points completing our initial weekly long targets

Now for this week:

On the upside:

Nifty has to sustain and close above its weekly resistance at 22560 - 22610 to move towards its initial weekly long targets of 22750 - 22790

Closing above 22790 Nifty may move towards its last weekly long targets of 22910 - 23040

On the downside:

Nifty has to sustain and close below its weekly support at 22390 - 22340 to move towards its initial weekly short targets of 22200 - 22160

Closing below 22160 Nifty may move towards its last weekly short targets of 22040 - 21910

So far this week Nifty has made a low of 22232.05 nearing our initial weekly short targets of 22200 - 22160 and closed at 22302.50 triggering our weekly short trade. The stoploss for the weekly short trade is 22435 on closing basis

Now in the coming session Nifty sustaining below 22250 can move towards 22185 - 22090. On the upside Nifty sustaining above 22350 can move towards 22420 - 22500 where it may face resistance.

In case of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks".

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Disclaimer: I am not SEBI registered and these are my personal views and one should do their own research or consult a financial advisor before entering any trades based on them. The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions