Nifty Spot Outlook for 26th Apr

NIFTY

In the previous session Nifty spot opened at 11735.70, made a high of 11796.75 , it made a low of 11624.30,  before closing at 11641.80

Had mentioned that long trade will get triggered for the day on sustaining above 11760 and short trade will get triggered for the day on sustaining below 11690. Nifty initially triggered our long trade and did just 30+ points and took our TSL. It then triggered our short trade and 60+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. 

&

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 had triggered our weekly short trade and completed our initial targets and also closed below 11610. Sustaining below 11610 we saw a low of 11564.80 near our next target of 11555 - 11490. Post that Nifty gave a strong bounce and retested its resistance zone of 11790 - 11810 today as expected and again saw selling take it down by 150 points intraday .

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 11675 to test 11710 - 11720 initially and sustaining above it we can see a further upmove till 11750 - 11785. Similarly breaking and sustaining below 11605 we can see a test of 11575 - 11565 initially and breaking and sustaining below it we can see a further correction till 11535 - 11500

Nifty Spot Levels for the day are

Long above 11675 for 11695 - 11720 - 11785 , SL 11650

Short below 11605 for 11585 - 11565 - 11500 , SL 11630

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate reactions box at the bottom of the post.

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.