Sunday, 22 April 2018

Weekly Spot Outlook of Nifty for 23rd to 27th Apr

NIFTY

This week Nifty spot went down by 84 points and went up by 113 points before finally ending the week with a gain of 83 points compared to last weekly closing. Nifty had made a new life time high of 11171.55 in January and had corrected by 1200 points after that till 9951.90  .


As per levels given for the previous week Nifty Spot needed to break and sustain above 10560 to trigger a upmove and Nifty spot needed to break and sustain below 10440 to trigger downmove for the week. Nifty made a high of 10594.20 and a low of 10396.35 for the week. 

In the previous week had mentioned that " Now in the coming week Nifty needs to break and sustain above 10560 to test 10640 - 10660 initially and above it we can see a test of 10735 - 10810 . Breaking and sustaining below 10400 we can see a test of 10320 - 10300 initially and below it we can see a test of 10230 - 10150 . Those who are holding longs should now move their trailing cbsl to 10400 this week and can hold further on sustaining / closing above 10560 with a trailing cbsl of 10505 and look to book once near 10640 - 10660 .  Fresh shorts may be entered this week on sustaining / closing below 10400 .  Nifty may face some resistance near 10520 - 10575 and above it near  10640 - 10660 this week .  "  and Nifty made a low of 10396.35 on Monday at opening but did not sustain and bounced back to close the week at 10564.05 . Nifty has so far given us 500+ points in our long trade from 10050 . 


Now in the coming week Nifty needs to break and sustain above 10585 to test 10610 - 10615 initially and above it we can see a test of 10635 - 10655 . Breaking and sustaining below 10540 we can see a test of 10520 - 10515 initially and below it we can see a test of 10495 - 10475.  Those who are holding longs should now move their trailing cbsl to 10540 this week and can hold further on sustaining / closing above 10585 with a trailing cbsl of 10570 and look to book once near 10610 - 10615 incase we dont get a close above 10615 . Fresh shorts may be entered this week on sustaining / closing below 10540.  Nifty has a good resistance near 10575 - 10600 for this month and it needs to give a strong close above it for higher levels this week  . 


For the month of April , longs will get confirmed with a consecutive close above 10315 for a initial target of 10520 - 10575 and sustaining / closing above it we can see a further move till 10750 - 10900 .  Similarly shorts will get confirmed with a consecutive close below 9915 for  a initial target of 9705 - 9655 and sustaining / closing below it we can see a further move till 9475 - 9275 . Nifty had confirmed our monthly longs and we saw our initial targets get achieved last week of 10520 - 10575 . Now for a further upmove we need a consecutive close above 10575 . Nifty has strong resistance in the zone of 10575 - 10605 for this month which has to broken and sustained for a this upmove to continue else we might see a small correction again . Bank Nifty has not been supporting this upmove .


Nifty Spot Levels for the week are

Long above 10575 , Tgt  10585 - 10590 - 10600

IF Nifty spot manages to get a close / sustain above 10610 then ,

long again for 10615 - 10630 - 10655

Short below 10550 , Tgt 10540 - 10535 - 10530

IF Nifty spot manages to get a close / sustain below 10520 then, 

short again for 10515 - 10495 - 10475

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 and keep trailing your stoploss .

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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.