Nifty Spot Outlook for 23rd April

In the previous session : 

Nifty went down by 35 points then went up by 228 points before closing higher by 206 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 22nd Apr :

Nifty triggered our long trade and did 115 points 

For 23rd Apr  :

Sustaining above 9265 enter for 9310 - 9365 - 9505 , SL 9210

Sustaining below 9110 enter for 9065 - 9010 - 8870 , SL 9165

Nifty made a low of 7511.10 on 24th March . Since then it has been moving up slowly and closed above 9250 last week . 

Nifty has immediate resistance at 9255 - 9685 this week as we would be approaching monthly long triggers and sustaining / closing above it in the coming sessions we may see a upmove towards 9955 - 10040 .

As mentioned in the previous session " Now in the coming session it needs to hold the support of 9060 - 8930 for a bounce to be expected on any corrections and breaking below it we can see a move towards 8580 - 8490 zone next." , and today again Nifty held 8930 and bounced towards 9200 levels .

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.