Nifty Spot Outlook for 29th Apr

In the previous session : 

Nifty went down by 22 points then went up by 122 points before closing higher by 98 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 28th Apr :

Nifty triggered our long trade with a gap up and did not give a chance to take a trade in the morning . Post that it again triggered our long trade and did 50 only points 

For 29th Apr  :

Sustaining above 9445 enter for 9485 - 9530 - 9655 , SL 9400

Sustaining below 9315 enter for 9275 - 9230 - 9105 , SL 9360

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 closed above its immediate resistance at 9265 - 9330 today and now sustaining above it we may see a move towards 9510 - 9555 where it would get closer to the resistance of the monthly long levels of 9690 . 

Now in the coming session Nifty needs to hold the support near 9045 - 8980 for a bounce to be expected on any corrections and sustaining/closing below it we can see a move towards 8800 - 8755 zone next.

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.