Nifty Spot Outlook for 07th Apr

In the previous session : 

Nifty went up by 103 points then went down by 198 points before closing lower by 170 points on Friday 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 03rd Apr :

Nifty traded between our long and short trigger range indicating indecisiveness . 

For 07th Apr  :

Sustaining above 8265 enter for 8375 - 8500 - 8845 , SL 8140

Sustaining below 7905 enter for 7795 - 7665 - 7325 , SL 8030

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 in Mar 

Now Nifty has immediate resistance at 8375 - 8560 zone this week and we need a close above it to move up further towards 9060 - 9185 . 

Had mentioned previously " Nifty broke and closed below its support of  8330 - 8460 and sustaining below it in the coming session can go towards 8130 - 7810" , and we saw Nifty make a low of 8055.80 on Friday . 

Now on the downside Nifty had immediate support at 7790 - 7610 in the coming sessions and on breaking below it we can see further correction.

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.