Nifty Spot Outlook for 03rd April

In the previous session : 

Nifty went down by 399 points before closing lower by 344 points on Wednesday as compared to the previous day's close.

Nifty had made a life time high of 12430.50 on 20th January and again failed to give a strong close above its congestion zone of 12300 - 12375 for the upward momentum to continue and we saw a correction till 7511.10 now . 

On 01st Apr :

Nifty triggered our short trade and did 200 points. 

For 03rd Apr  :

Sustaining above 8450 enter for 8565 - 8705 - 9070 , SL 8310

Sustaining below 8060 enter for 7940 - 7805 - 7435 , SL 8195

Nifty broke below multiple supports back to back and has so far made a low of 7511.10 on the back of selling in all global indexes . 

Nifty broke above 8380 - 8440 zone and we saw most of our targets till 9080 - 9160 being done with a high of 9038.90 on Friday. 

Nifty broke and closed below its support of  8330 - 8460 and sustaining below it in the coming session can go towards 8130 - 7810 

How to use these levels 

• Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance / support . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels. 

For this month :

• Nifty longs will get confirmed with a consecutive close above 9690 for a target of 10350 - 10590 and sustaining / closing above 10590 we can see a further move till 10830 - 11120.

• Nifty shorts will get confirmed with a consecutive close below 7510 for  a initial target of 6840 - 6600 and sustaining / closing below 6600 we can see a further move till 6365 - 6075 . 

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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.