Sunday, 23 April 2017

Nifty Spot Outlook for 24th April


Nifty spot  opened  at 9179.10 , made a high of 9183.65 , it went down till 9088.75 before closing at 9119.40. Had mentioned that long positions for the day can be taken above 9150 and short positions for the day can be taken below 9123

Nifty opened gap up above our 2nd daily target and did not give a chance for fresh longs to enter . It then triggered our short trade and missed our last target by 10 points .  We got a 100 points upmove from the lows of 9075.15 once this week with a cbsl of  9071 and we got a chance to again take a long position on Friday with a 15 points cbsl . 

Now for this week Nifty Spot needs to break and sustain above 9152 for long confirmationthen we can expect a move till 9171 - 9186 initially and closing above 9194 we can expect the next move till 9224 - 9256 Similarly this week Nifty spot needs to break and sustain below 9087 for short confirmation, then we can expect a move till 9067 - 9053 initially and closing below 9045 we can expect a further move till 9015 - 8983 . 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 . 

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 and we saw a 100 points move upside once holding the same . Nifty again gave a good entry on Friday with a 15 point cbsl and holding 9071 we can see a move again till 9190 - 9210 levels . The geopolitical issues is what can cause some concern for longs as and when it escalates . Breaking and sustaining below 9071 we can see a test upto 8985 - 8960 levels.

For today if Nifty spot sustains above 9132 we can see a initial move on the upside till 9144 & on sustaining above 9148 we may see further move till 9171 . Similarly if Nifty spot sustains below 9107 we may see a initial move on the downside till 9094 & on sustaining below 9091 we may see a further move till 9068

Nifty Spot Levels for the day are

Long above 9132 for 9139 - 9148 - 9171 , SL 9116

Short below 9107 for 9100 - 9091 - 9068 , SL 9123

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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 t14hat 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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