Nifty Spot Outlook for 08th Apr

In the previous session : 

Nifty went up by 736 points before closing higher by 708 points on Tuesday 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 07th Apr :

Nifty triggered our long trade and did 450+ points.

For 08th Apr  :

Sustaining above 8935 enter for 9025 - 9125 - 9400 , SL 8835

Sustaining below 8650 enter for 8560 - 8460 - 8185 , SL 8750

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 

Nifty sustaining above 8375 - 8560 zone this week can 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 and on breaking below it we can see a 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.