Tuesday, 4 April 2017

Nifty Spot Outlook for 05th April

NIFTY


Nifty spot  opened  at 9220.60 , made a low of 9192.40 , it went up till 9245.35 before closing at 9237.85 . Had mentioned that long positions can be taken above 9193 and short positions can be taken below 9155. 

Nifty triggered our long trade and missed our last target by 10 points .  In the previous week we needed Nifty to sustain or close above 9174 for further upmove and we had got a consecutive borderline close and weekly 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  . Nifty has closed above 9224 spot but Bank Nifty is yet to close above 21620 and has closed well below it . In the coming session we need Bank Nifty to break above its weekly long confirmation levels too to enable Nifty to test its immediate resistance near 9255 and also its monthly long confirmation levels of 9277 and being unable to do so we might see a test of 9145 - 9125 levels . So the immediate resistance zone for Nifty is near 9255 - 9277 and it needs to break and sustain / close above these for further upside . 


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 9258 we can see a initial move on the upside till 9280 & on sustaining above 9285 we may see further move till 9325 . Similarly if Nifty spot sustains below 9218 we may see a initial move on the downside till 9196 & on sustaining below 9191 we may see a further move till 9155 .


Nifty Spot Levels for the day are

Long above 9258 for 9270 - 9285 - 9325 , SL 9232

Short below 9218 for 9205 - 9191 - 9155 , SL 9244


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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.