Saturday, 8 April 2017

Weekly Spot Outlook Of Nifty For 10th to 14th April

NIFTY

This week Nifty spot went up 100 points over last weeks close and finally ended the week with a gain of 25 points compared to last weekly closing.


As per levels given for the previous week Nifty Spot needed to break and sustain above 9224 to confirm uptrend and Nifty spot needed to break and sustain below 9124 to confirm downtrend for the week. Nifty made a high of 9273.90 and a low of 9188.10 for the week.


This week Nifty triggered our long trade  and completed our initial 3 long targets . Further upmove was expected on sustaining / closing above 9276 which did not happen as Nifty made a high of 9273.90 and took resistance . There was a short trade available near the high of the week with a stoploss of 9290 which was the confirmation point for the next upmove above 9276 . Had mentioned in the previous weekly post that ' Now Nifty needs to sustain above 9224 this week for the up move to continue till 9385 with resistance near 9276 - 9290 levels Breaking and sustaining below 9124 we can see a down move till 8963 with support near 9071 - 9058 levels.' 


For the month of April we can expect uptrend in Nifty Spot on a consecutive close above 9277 and downtrend in Nifty spot on a consecutive close below 9071 . Had mentioned last month 'For the month of March we can expect uptrend in Nifty spot on a consecutive close above 8966 and downtrend in Nifty spot on a consecutive close below 8793' and we got a move of nearly 250 points once it closed above 8966 in February. 


Those who are looking to go long this week on a further correction should keep a cbsl of 9071 for their positions .


In the coming week Nifty spot needs to break and sustain above 9244 to confirm uptrend and then one can expect a move till 9291 initially and breaking and sustaining above 9303 will give further confirmation for the next move which can take us up till 9390. Similarly Nifty spot needs to break and sustain below 9153 to confirm downtrend and then one can expect a move till 9105 initially and breaking and sustaining below 9093 will give further confirmation for the next move which can take us down till 9007 . 


Nifty Spot Levels for the week are

Long above 9226 , Tgt  9244 - 9257 - 9271

IF Nifty spot manages to get a close / sustain above 9291 then ,

long again for 9303 - 9344 - 9390

Short below 9170 , Tgt 9153 - 9139 - 9125

IF Nifty spot manages to get a close / sustain below 9105 then, 

short again for 9093 - 9052 - 9007


P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels .

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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.