Sunday, 2 April 2017

Nifty Spot Outlook for 03rd April


Nifty spot  opened  at 9158.90 , made a low of 9152.10 , it went up till 9191.70 before closing at 9173.75 . Had mentioned that long positions can be taken above 9193 and short positions can be taken below 9154. 

Nifty tested our short trigger after opening and traded the entire day within our long and short trade trigger levels and gave a flat close .  In the previous week we needed Nifty to sustain or close above 9174 for further upmove and we got 2 consecutive borderline close at the same level . 

We are still above the long confirmation levels of 8966 for the month of March and the cbsl for the positions taken on closing above it is 8906 . As long as we are holding it we can look to buy the dips.

Now for this week Nifty Spot needs to break and sustain above 9224 for long confirmationthen we can expect a move till 9254 - 9276 initially and closing above 9290 we can expect the next move till 9335 - 9385 . Similarly this week Nifty spot needs to break and sustain below 9124 for short confirmation, then we can expect a move till 9093 - 9071 initially and closing below 9058 we can expect a further move till 9012 - 8963  . 

For the month of April we can expect uptrend in Nifty spot on a consecutive closing above 9277 and downtrend on a consecutive closing below 9071 . We have seen a move of nearly 250+ points after sustaining / closing above our monthly long confirmation level in March .

Those who now looking to enter fresh longs on a correction should keep a cbsl of 8906 spot for their positions. 

For today if Nifty spot sustains above 9193 we can see a initial move on the upside till 9213 & on sustaining above 9218 we may see further move till 9254 . Similarly if Nifty spot sustains below 9155 we may see a initial move on the downside till 9135 & on sustaining below 9130 we may see a further move till 9094 .

Nifty Spot Levels for the day are

Long above 9193 for 9204 - 9218 - 9254 , SL 9168

Short below 9155 for 9143 - 9130 - 9094 , SL 9180

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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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