Wednesday, 3 April 2019

Nifty Spot Outlook for 04th Apr

NIFTY


In the previous session Nifty spot opened at 11735.30, made a high of 11761 , it made a low of 11629.15 before closing at 11643.95

Had mentioned that long trade will get triggered for the day on sustaining above 11745 and short trade will get triggered for the day on sustaining below 11680. Nifty initially triggered our long trade and did just 1 target .It then reversed and triggered our short trade and did 2 targets on the short side too.  


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. 

As mentioned in the previous post "Nifty has triggered our weekly long marginally and Bank Nifty is yet to trigger its weekly longs and hence those who have entered for a target of 11790 - 11810 should keep a closing stoploss of 11645" , and today Nifty was unable to break out strongly above its all time high and reversed to take the cbsl of weekly longs.

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 . 

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 .


Now in the coming session Nifty needs to break and sustain above 11675 to test 11710- 11715 initially and sustaining above it we can see a further upmove till 11745 - 11775. Similarly breaking and sustaining below 11610 we can see a test of 11580 - 11570 initially and breaking and sustaining below it we can see a further correction till 11545 - 11515


Nifty Spot Levels for the day are

Long above 11675 for 11695 - 11715 - 11775 , SL 11650

Short below 11610 for 11595 - 11570 - 11515 , SL 11635

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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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