Tuesday, 23 April 2019

Nifty Spot Outlook for 24th Apr

NIFTY


In the previous session Nifty spot opened at 11612.95, made a high of 11645.95 , it made a low of 11564.80 ,  before closing at 11575.95

Had mentioned that long trade will get triggered for the day on sustaining above 11625 and short trade will get triggered for the day on sustaining below 11565. Nifty triggered our long trade and completed just 1 target.


For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11815 and then enter for a initial target of 11880 - 11895 and look to hold further only on sustaining or getting a close above 11895 for the next targets of 11955 - 12015. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11690 and then enter for a initial target of 11625 - 11610 and look to hold further only on sustaining or getting a close below 11610 for the next targets of 11555 - 11490. 

Nifty had triggered our weekly short trade and completed our initial targets and also closed below 11610. Today sustaining below 11610 we saw a low of 11564.80 near our next target of 11555 - 11490.

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 and a strong close above it is required for further upmove towards 12000 levels. 



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 11605 to test 11635 - 11645 initially and sustaining above it we can see a further upmove till 11670 - 11700. Similarly breaking and sustaining below 11545 we can see a test of 11515 - 11505 initially and breaking and sustaining below it we can see a further correction till 11485 - 11455


Nifty Spot Levels for the day are

Long above 11605 for 11625 - 11645 - 11700 , SL 11585

Short below 11545 for 11530 - 11505 - 11455 , SL 11570

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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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