{"id":2426,"date":"2013-05-06T11:42:07","date_gmt":"2013-05-06T06:12:07","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=2426"},"modified":"2013-05-06T12:13:13","modified_gmt":"2013-05-06T06:43:13","slug":"nifty-weekly-outlook-may-6-10","status":"publish","type":"post","link":"https:\/\/fundsindia.com\/blog\/equities\/nifty-weekly-outlook-may-6-10\/2426","title":{"rendered":"Nifty Weekly Outlook &#8211; May 6 &#8211; 10"},"content":{"rendered":"<p style=\"text-align: justify;\">The Nifty managed to move past the well-advertised resistance level of 5,970 on Thursday. It still remains to be seen if this breakout is a genuine one or just a ploy to trap amateur breakout traders. From a trading perspective, the question to ponder is: Have we made a higher low at 5,477 or is the recent high of 6,020 the next lower high. There is no definitive answer to this question and we just have to await clues from the price to indicate one way or the other.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/05\/Nifty.png\"><img loading=\"lazy\" class=\"alignleft size-full wp-image-2428\" alt=\"Nifty\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/05\/Nifty.png\" width=\"1340\" height=\"586\" srcset=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2013\/05\/Nifty.png 1340w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2013\/05\/Nifty-300x131.png 300w, https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2013\/05\/Nifty-1024x447.png 1024w\" sizes=\"(max-width: 1340px) 100vw, 1340px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">From the above daily chart of the Nifty, it is apparent that there are still no signs of weakness. The rally off the 5,477 low has been strong and has been devoid of any significant correction. Hence, it makes sense to wait for a pull back before considering long position. The other problem with considering long position is the absence of any logical place for stop loss placement.<\/p>\n<p style=\"text-align: justify;\">Those holding long positions in the Nifty, may trail their stop at 5,900.\u00a0While there is no reason to consider fresh shorts, a fall below the middle magenta line would be a sign of weakness and would justify short positions with a stop loss above the recent swing high. As highlighted in the above chart, the \u00a0middle magenta line is the key support and the \u00a0Nifty has bounced off this line today.<\/p>\n<p style=\"text-align: justify;\">To summarize, we still do no see any compelling trading opportunity in the Nifty based on the recent price action. A fall below 5,890 may be used to consider short positions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Nifty managed to move past the well-advertised resistance level of 5,970 on Thursday. It still remains to be seen if this breakout is a genuine one or just a ploy to trap amateur breakout traders. From a trading perspective, the question to ponder is: Have we made a higher low at 5,477 or is [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[59],"tags":[67,89],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nifty Weekly Outlook - May 6 - 10<\/title>\n<meta name=\"description\" content=\"Nifty is still in a no-trade-zone. The 5,900-5,910 zone is critical support zone while the major swing high at 6,112 is the level to conquer for the bulls.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fundsindia.com\/blog\/equities\/nifty-weekly-outlook-may-6-10\/2426\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nifty Weekly Outlook - May 6 - 10\" \/>\n<meta property=\"og:description\" content=\"Nifty is still in a no-trade-zone. The 5,900-5,910 zone is critical support zone while the major swing high at 6,112 is the level to conquer for the bulls.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fundsindia.com\/blog\/equities\/nifty-weekly-outlook-may-6-10\/2426\" \/>\n<meta property=\"og:site_name\" content=\"Insights\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/fundsindia\" \/>\n<meta property=\"article:published_time\" content=\"2013-05-06T06:12:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2013-05-06T06:43:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/05\/Nifty.png\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"FundsIndia Desk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.fundsindia.com\/blog\/#organization\",\"name\":\"Wealth India Financial Services\",\"url\":\"https:\/\/www.fundsindia.com\/blog\/\",\"sameAs\":[\"https:\/\/www.facebook.com\/fundsindia\"],\"logo\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.fundsindia.com\/blog\/#logo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2018\/07\/download.jpeg\",\"contentUrl\":\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2018\/07\/download.jpeg\",\"width\":189,\"height\":200,\"caption\":\"Wealth India Financial Services\"},\"image\":{\"@id\":\"https:\/\/www.fundsindia.com\/blog\/#logo\"}},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.fundsindia.com\/blog\/#website\",\"url\":\"https:\/\/www.fundsindia.com\/blog\/\",\"name\":\"Insights\",\"description\":\"Official blog of FundsIndia.com\",\"publisher\":{\"@id\":\"https:\/\/www.fundsindia.com\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.fundsindia.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.fundsindia.com\/blog\/equities\/nifty-weekly-outlook-may-6-10\/2426#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/05\/Nifty.png\",\"contentUrl\":\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/05\/Nifty.png\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.fundsindia.com\/blog\/equities\/nifty-weekly-outlook-may-6-10\/2426#webpage\",\"url\":\"https:\/\/www.fundsindia.com\/blog\/equities\/nifty-weekly-outlook-may-6-10\/2426\",\"name\":\"Nifty Weekly Outlook - May 6 - 10\",\"isPartOf\":{\"@id\":\"https:\/\/www.fundsindia.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.fundsindia.com\/blog\/equities\/nifty-weekly-outlook-may-6-10\/2426#primaryimage\"},\"datePublished\":\"2013-05-06T06:12:07+00:00\",\"dateModified\":\"2013-05-06T06:43:13+00:00\",\"description\":\"Nifty is still in a no-trade-zone. 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