Sunday, 29 April 2018

Weekly Spot Outlook of Nifty for 30th Apr to 04th May

NIFTY

This week Nifty spot went down by 49 points and went up by 156 points before finally ending the week with a gain of 128 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 sustain / close above 10585 to trigger a upmove and Nifty spot needed to sustain/close below 10540 to trigger downmove for the week. Nifty made a high of 10719.80 and a low of 10514.95 for the week. 

In the previous week had mentioned that " Now in the coming week Nifty needs to sustain and  close above 10585 to test 10610 - 10615 initially and closing above it we can see a test of 10630 - 10655 . Sustaining and closing below 10540 we can see a test of 10520 - 10515 initially and closing 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 . "  and Nifty made a low of 10514.95 near our initial short target but did not sustain or close below our cbsl for longs at 10540 and bounced back . Once we got a close above 10615 we saw Nifty give a 100 point move.  Nifty has now given us nearly 700 points in our long trade from 10050 . 


Now in the coming week Nifty needs to break and sustain above 10725 to test 10755 - 10765 initially and above it we can see a test of 10790 - 10820 . Breaking and sustaining below 10660 we can see a test of 10630 - 10620 initially and below it we can see a test of 10595 - 10565.  Those who are holding longs should now move their trailing cbsl to 10660 this week and can hold further on sustaining / closing above 10725 with a trailing cbsl of 10700 and look to book once near 10790 - 10820 incase we dont get a close above 10765 . Fresh shorts may be entered this week on sustaining / closing below 10660 or near 10790 - 10820 with a strict cbsl of 10830.  Nifty has a strong resistance near 10765 - 10815 now and it needs to give a strong close above it for higher levels in this new series  . 


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 in the earlier week of 10520 - 10575 . Now on sustaining closing above 10575 - 10615 we saw a further move till 10719.80 . Nifty has strong resistance in the zone of 10765 - 10815 for the coming month which has to broken and sustained for this upmove to continue else we might see a correction begin again from the mentioned levels .


Nifty Spot Levels for the week are

Long above 10710 , Tgt  10725 - 10735 - 10745

IF Nifty spot manages to get a close / sustain above 10755 then ,

long again for 10765 - 10790 - 10820

Short below 10675 , Tgt 10660 - 10650 - 10640

IF Nifty spot manages to get a close / sustain below 10630 then, 

short again for 10620 - 10595 - 10565

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.