Sunday 26 April 2020

Weekly Spot Outlook Of Nifty for 27th to 30th Apr

In the previous week : 

Nifty went up by 124 points then went down by 357 points before finally ending the week with a loss of 112 points compared to last weekly closing. 

Nifty triggered our short trade as per levels given last week but did not sustain below it to confirm the trade . Post that Nifty traded sideways the entire week between our long and short trigger levels. 

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 9265 enter for 9330 - 9380 - 9435
  • Further sustaining above 9510 enter for 9555 - 9715 - 9885


  • Sustaining below 9045 enter for 8980 - 8930 - 8875
  • Further sustaining below 8800 enter for 8755 - 8595 - 8425 


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 .

Nifty has spent the entire month till now trading sideways between our long and short trigger levels . We can expect a directional move soon.


We are still in a bear market and longs should be cautious near the resistance levels of 9600 - 9685 . 

Closing consecutively above 9685 we can see a move till 9955 - 10040 where Nifty will face its next strong 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.

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