Sunday, 9 April 2017

Nifty Spot Outlook for 10th April


Nifty spot  opened  at 9223.70 , made a high of 9250.50 , it went down till 9188.10 before closing at 9198.30 . Had mentioned that long positions can be taken above 9276 and short positions can be taken below 9248. 

Nifty triggered our short trade today and completed all our 3 short targets for the day . Nifty had triggered our weekly long trade and we were expecting a test of 9254 - 9276 initially which was achieved with at high of 9273.90 . and further upmove was expected on closing above 9290 which did not get broken . 

Now for this week Nifty Spot needs to break and sustain above 9244 for long confirmationthen we can expect a move till 9271 - 9291 initially and closing above 9303 we can expect the next move till 9344 - 9390 . Similarly this week Nifty spot needs to break and sustain below 9153 for short confirmation, then we can expect a move till 9125 - 9105 initially and closing below 9093 we can expect a further move till 9052 - 9007  . Nifty needs to give a consecutive close above 9277 for fresh long positions to be entered for this month . Had mentioned in the previous post that " Incase Nifty is unable to sustain / close above 9277 - 9290 we may see a correction till 9145 - 9125 with initial supports at 9205 - 9190 levels " , we saw Nifty make a low of 9188.10 near our initial support levels at 9205 - 9190 and now further correction till 9145 - 9125 can be expected once it sustains below 9190 in the coming session  .

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 had seen a move of nearly 250+ points after sustaining / closing above our monthly long confirmation level in March .

Those who are now looking to enter fresh longs on a correction till near 9142 - 9125 levels should keep a  cbsl of 9070 spot for their fresh positions. 

For today if Nifty spot sustains above 9215 we can see a initial move on the upside till 9233 & on sustaining above 9238 we may see further move till 9271 . Similarly if Nifty spot sustains below 9181 we may see a initial move on the downside till 9163 & on sustaining below 9159 we may see a further move till 9126 .

Nifty Spot Levels for the day are

Long above 9215 for 9226 - 9238 - 9271 , SL 9193

Short below 9181 for 9171 - 9159 - 9126 , SL 9204

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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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