Nifty Spot Outlook for 30th Apr

In the previous session : 

Nifty went up by 219 points before closing higher by 172 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 29th Apr :

Nifty triggered our long trade and did 150+ points

For 30th Apr  :

Sustaining above 9620 enter for 9665 - 9710 - 9840 , SL 9575

Sustaining below 9485 enter for 9445 - 9395 - 9265 , SL 9535

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

As mentioned in the previous post closing above 9330 we were expecting a move towards 9510 - 9555 which got completed today and closed near the upper end of the range . We have our overall resistance near 9650 - 9690 where our monthly long level get triggered which can get tested in the coming session which is also the last session of this month.  

Nifty immediate supports have moved up to 9430 - 9390 now which needs to hold on any corrections and breaking below it we can see a move towards the next support near 9210- 9150 

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 . 

Expiry Range :

Upper End - 9723

Lower End - 9384

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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.