Sunday, 16 April 2017

Nifty Spot Outlook for 17th April


Nifty spot  opened  at 9202.50 , made a high of 9202.65 , it went down till 9144.95 before closing at 9150.80. Had mentioned that long positions for the day can be taken above 9218 and short positions for the day can be taken below 9188. 

Nifty triggered our short trade today and missed our last target by 5 points . Nifty closed 2 points below its weekly short confirmation levels after trading in a narrow range near the long and short weekly levels the whole week . Had mentioned in the previous post that " 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." , nifty has closed marginally below 9153 and if sustains below it in the coming session then we may see a test of the levels mentioned.

Now for this week Nifty Spot needs to break and sustain above 9193 for long confirmationthen we can expect a move till 9220 - 9238 initially and closing above 9250 we can expect the next move till 9288 - 9330 . Similarly this week Nifty spot needs to break and sustain below 9108 for short confirmation, then we can expect a move till 9082 - 9063 initially and closing below 9052 we can expect a further move till 9013 - 8971  . Nifty needs to give a consecutive close above 9277 for fresh long positions to be entered for this month .   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 . 

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 .

Had mentioned in the last few posts that "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" , we are now near these levels and those who are looking to enter longs should follow the cbsl mentioned . 

For today if Nifty spot sustains above 9167 we can see a initial move on the upside till 9184 & on sustaining above 9188 we may see further move till 9219 . Similarly if Nifty spot sustains below 9135 we may see a initial move on the downside till 9118 & on sustaining below 9113 we may see a further move till 9083

Nifty Spot Levels for the day are

Long above 9167 for 9177 - 9188 - 9219 , SL 9146

Short below 9135 for 9125 - 9113 - 9083 , SL 9156

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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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