Nifty Spot Outlook for 23rd Apr

NIFTY

In the previous session Nifty spot opened at 11727.05 which was  also the high , it made a low of 11583.95 ,  before closing at 11594.45

Had mentioned that long trade will get triggered for the day on sustaining above 11775 and short trade will get triggered for the day on sustaining below 11730. Nifty triggered our short trade and completed all daily targets giving 130+ 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. 

Today Nifty triggered our weekly short trade and completed our initial targets and also closed below 11610. Now sustaining below 11610 in the coming session can see a move till 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 11625 to test 11655 - 11665 initially and sustaining above it we can see a further upmove till 11690 - 11720. Similarly breaking and sustaining below 11565 we can see a test of 11535 - 11525 initially and breaking and sustaining below it we can see a further correction till 11500 - 11470

Nifty Spot Levels for the day are

Long above 11625 for 11645 - 11665 - 11720 , SL 11605

Short below 11565 for 11545 - 11525 - 11470 , SL 11585

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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.