Weekly Spot Outlook Of Nifty For 20th to 24th Apr

In the previous week : 

Nifty went down by 290 points then went up by 212 points before finally ending the week with a gain of 155 points compared to last weekly closing. 

Nifty triggered our short trade as per levels given last week but did not complete any targets  

Nifty had made a new life time high of 12430 on 20th January and has since then corrected to 7511 on 24th March . 

Nifty for this week :

• Sustaining above 9475 enter for 9600 - 9705 - 9805
• Further sustaining above 9955 enter for 10045 - 10345 - 10680

• Sustaining below 9060 enter for 8930 - 8830 - 8725
• Further sustaining below 8580 enter for 8490 - 8190 - 7855 

How to use these levels  

• For longs/shorts enter on breaking above the first weekly levels mentioned and hold on sustaining above /below the highlighted green/red level and look to book partly/fully once it completes its initial 3 targets . Re-enter if price again breaks above/below the further first level mentioned and hold on sustaining above/below the highlighted green/red level for next targets  . 

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 .

Now this week if Nifty triggers a weekly long trade then it would approach the monthly long trigger too of 9685 where the current upmove can face stiff resistance. We are still in a bear market and such sharp rallies are part of the bear market. Longs should be cautious around the initial resistance levels of 9600 - 9685 . 

Sustaining/closing above 9685 we can see a move till 9955 - 10040 where Nifty will face the next resistance .

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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.