Nifty Spot Outlook for 22nd Apr

NIFTY

In the previous session Nifty spot opened at 11856.15 which was  a new lifetime high, made a low of 11738.50 ,  before closing at 11752.80

Had mentioned that long trade will get triggered for the day on sustaining above 11815 and short trade will get triggered for the day on sustaining below 11760. Nifty opened above our 2nd long trade and did not give a chance to trade . It then triggered our short trade and did just 20+ points .

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11815 and then enter for a initial target of 11880 - 11895 and look to hold further only on sustaining or getting a close above 11895 for the next targets of 11955 - 12015. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11690 and then enter for a initial target of 11625 - 11610 and look to hold further only on sustaining or getting a close below 11610 for the next targets of 11555 - 11490. 

Nifty now has strong support at 11460 - 11440 and it needs to hold these levels on a correction this week .   

On the upside Nifty has immediate resistance near 11790 - 11810 and a strong close above it is required for further upmove towards 12000 levels. 

For the month of April , longs will get confirmed in Nifty with a consecutive close above 11790 for a initial target of 11960 - 12005 and sustaining / closing above it we can see a further move till 12150 - 12315 .  Similarly shorts will get confirmed with a consecutive close below 11460 for  a initial target of 11290 - 11245 and sustaining / closing below it we can see a further move till 11095 - 10935 .

Now in the coming session Nifty needs to break and sustain above 11775 to test 11800 - 11810 initially and sustaining above it we can see a further upmove till 11830 - 11850. Similarly breaking and sustaining below 11730 we can see a test of 11705 - 11700 initially and breaking and sustaining below it we can see a further correction till 11675 - 11655

Nifty Spot Levels for the day are

Long above 11775 for 11790 - 11810 - 11850 , SL 11760

Short below 11730 for 11715 - 11700 - 11655 , SL 11745

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Disclaimer : These are my personal views and one should do their own research 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.