Wednesday, 12 April 2017

Nifty Spot Outlook for 13th April


Nifty spot  opened  at 9242.50 , made a high of 9246.40 , it went down till 9161.80 before closing at 9203.45 . Had mentioned that long positions for the day can be taken above 9252 and short positions for the day can be taken below 9222 . 

Nifty triggered our short trade today and completed all our short targets for the day . Nifty made a low just 8 points above its weekly short confirmation level today and reversed to close above 9200 . In the coming session once Nifty breaks and sustains above 9244 we can see a test of 9271 - 9291 levels initially and once it breaks below 9153 and sustains then we can see a test of 9125 - 9105 initially.

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 .  We saw Nifty touch our weekly long confirmation level at opening and make a low today just above our weekly short confirmation level  . Nifty is currently in a trading range of 9071 - 9277 so far this month and we need to see a breakout with volumes on either side for a trending move . It is the last trading day of this week and once all daily targets are achieved then one should follow the weekly levels for the next targets .

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 9218 we can see a initial move on the upside till 9234 & on sustaining above 9238 we may see further move till 9267 . Similarly if Nifty spot sustains below 9188 we may see a initial move on the downside till 9173 & on sustaining below 9169 we may see a further move till 9140

Nifty Spot Levels for the day are

Long above 9218 for 9228 - 9238 - 9267 , SL 9199

Short below 9188 for 9179 - 9169 - 9140 , SL 9209

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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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