Wednesday, 19 April 2017

Nifty Spot Outlook for 20th April


Nifty spot  opened  at 9112.20 , made a high of 9120.50 , it went down till 9075.15 before closing at 9103.50. Had mentioned that long positions for the day can be taken above 9119 and short positions for the day can be taken below 9092 .

Nifty initially triggered our long trade and immediately reversed and took our SL . Nifty then triggered our short trade for the day and missed our 2nd target by 1 point .  Further down move for the week was to get confirmed on sustaining / closing below 9052 and we saw Nifty reverse from just above our monthly short confirmation level of 9071 today . Had mentioned in the previous post that " Nifty has closed below our weekly short trade confirmation levels of 9108 today and we should see a test of our monthly short confirmation levels of 9071 " and we saw a low of 9075.15 before Nifty recovered to close above 9100 .

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 and a consecutive close below 9071 for fresh short positions to be entered for this month .  Nifty has been 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 . Today Nifty tested the initial weekly short target zone of 9082 - 9063 with a low of 9075.15 .

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 9071 spot for their fresh positions" .Nifty made a low of 9075.15 and held 9071 on closing basis giving a good entry for longs with a very small CBSL of 4 points. The geopolitical issues is what can cause some concern for longs as and when it escalates . 

For today if Nifty spot sustains above 9116 we can see a initial move on the upside till 9129 & on sustaining above 9132 we may see further move till 9156 . Similarly if Nifty spot sustains below 9091 we may see a initial move on the downside till 9078 & on sustaining below 9075 we may see a further move till 9051

Nifty Spot Levels for the day are

Long above 9119 for 9127 - 9136 - 9162 , SL 9101

Short below 9092 for 9083 - 9074 - 9048 , SL 9109

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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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