Nifty Spot Outlook for 28th April

NIFTY

Nifty spot  opened  at 9359.15 , made a low of 9322.65 , it went up till 9367.15  before closing at 9342.15. Had mentioned that long positions for the day can be taken above 9371 and short positions for the day can be taken below 9332

Nifty triggered our short trade but did not complete any target and took our SL . Nifty has completed all our weekly long targets in the previous session . Nifty has so far given a 90 point move after breaking above our monthly long confirmation level.   We had got a good chance to go long again on Friday with our cbsl at 9071 , a small sl of 15 point and we have done nearly 275+ points till now . Had mentioned in the previous post that " Nifty has its next immediate resistance near 9341 - 9386 levels " and today again we saw a high of 9367.15  well within the range . Breaking and sustaining above this range Nifty has stronger resistance near 9415 - 9430 and those looking to go short near this range should keep a strict cbsl of 9430 for their positions . 

Now for this week Nifty Spot needs to break and sustain above 9152 for long confirmation, then 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 . Had mentioned previously "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" and we saw Nifty breakout on the upside and give a 90 point move till now . 

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 .

The geopolitical issues is what can cause some concern for longs as and when it escalates . As mentioned in the previous posts "Breaking and sustaining below 9071 we can see a test upto 8985 - 8960 levels. Breaking and sustaining above 9277 we see a test of 9341 - 9386 levels ". Those who are long from 9075 - 9089 levels last week should keep a cbsl of 9276 for their positions and look to book once near 9341 - 9386 levels .Those who are looking to go short on a further upmove tomorrow should keep a cbsl of 9430 . Nifty is currently near multiple resistance zones and breaking above them with volumes is required for a bigger move .  

For today if Nifty spot sustains above 9360 we can see a initial move on the upside till 9378 & on sustaining above 9383 we may see further move till 9416 . Similarly if Nifty spot sustains below 9325 we may see a initial move on the downside till 9306 & on sustaining below 9301 we may see a further move till 9268

Nifty Spot Levels for the day are

Long above 9360 for 9370 - 9383 - 9416 , SL 9337

Short below 9325 for 9314 - 9301 - 9268 , SL 9348

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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.