Saturday, 30 March 2019

Weekly Spot Outlook Of Nifty for 01st to 05th Apr

NIFTY

This week Nifty went down by 145 points , then went up by 173 points before finally ending the week with a gain of 167 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11520 to confirm uptrend and Nifty spot needed to sustain and close below 10390 to confirm downtrend for the week. Nifty made a high of 11630.35 and made a low of 11311.60

Had mentioned in previous weekly post that Nifty needs to sustain above 11520 to test 11590 - 11605 initially and closing above it can go further till 11665 - 11725 and Nifty needs to sustain below 11390 to test 11325 - 11310 initially and closing below it can go further till 11250 - 11185, and we saw Nifty initially confirm our short trade and complete our initial targets . Nifty then reversed to confirm our long trade and again completed our initial targets. 


For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11705 and then enter for a initial target of 11790 - 11810 and look to hold further only on sustaining or getting a close above 11810 for the next targets of 11880 - 11960. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11545 and then enter for a initial target of 11460 - 11440 and look to hold further only on sustaining or getting a close below 11440 for the next targets of 11370 - 11290. 


For the month of April , longs will get confirmed in Nifty with a consecutive close above 11790 for a initial target of 11960 - 12005 and sustaining / closing above it we can see a further move till 12150 - 12315 .  Similarly shorts will get confirmed with a consecutive close below 11460 for  a initial target of 11290 - 11245 and sustaining / closing below it we can see a further move till 11095 - 10935 . 

Nifty now has strong support at 11460 - 11440 and it needs to hold these levels on a correction this week .   

On the upside Nifty has immediate resistance near 11790 - 11810 . 


Nifty Spot Levels for the week are

Long above 11675 , Tgt  11705 - 11725 - 11750

IF Nifty spot manages to get a close / sustain above 11790 then ,

long again for 11810 - 11880 - 11960

Short below 11575 , Tgt 11545 - 11520 - 11495

IF Nifty spot manages to get a close / sustain below 11460 then, 

short again for 11440 - 11370 - 11290


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.

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