Nifty Intraday Outlook for 07 May

In the Last Analysis, we discussed. Bulls need close above 11767-11800 resistance area. In the past week, we see a couple of times Nifty made the high between this range 11767-11800.

Finally yesterday Nifty opened gap down & made the low around 11571, nearly 200 pts down move from resistance area.

Click on Chart to Enlarge

Till we are trading below 11750 Bears are having the upper hand, & Bulls must need to save 11495 levels on eod basis for getting momentum back.

Critical Support for today in Intraday is at 11550/11495 & Resistance is at 11625/11700.

Note: Above mention price projection & other Information are for educational purpose only.

About the author

Divesh Jotwani is a Full-time trader in the Indian stock market. He has spent over 20+ years researching and discovering WD Gann's methods and applying them day in and out markets.