Nifty Spot Outlook for 09th Apr

In the previous session : 

Nifty went down by 138 points then went up by 339 points before closing lower by 43 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 08th Apr :

Nifty triggered our long trade and did 190 points.

For 09th Apr  :

Sustaining above 8895 enter for 8985 - 9085 - 9360 , SL 8795

Sustaining below 8605 enter for 8515 - 8415 - 8140 , SL 8705

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 

Had mentioned previously that " Nifty sustaining above 8375 - 8560 zone this week can move up further towards 9060 - 9185 ." , and today we saw Nifty make a high of 9131.70 after sustaining above this range. 

Now on the downside Nifty has immediate support at 8375 - 8560 zone and on sustaining / closing below it we can see it move to the next support at 7790 - 7610 .

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 . 

Join our Telegram Channel "simplytradestocks" for live stock trading ideas during market hours                                      

To receive this post daily 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.

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.