Weekly Spot Outlook Of Nifty for 15th to 19th Apr

NIFTY

This week Nifty went up by 44 points , then went down by 117 points before finally ending the week with a loss of 22 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11735 to confirm uptrend and Nifty spot needed to sustain and close below 11595 to confirm downtrend for the week. Nifty made a high of 11710.30 and made a low of 11549.10

Had mentioned in previous weekly post that Nifty needs to sustain above 11735 to test 11810 - 11830 initially and closing above it can go further till 11890 - 11960 and Nifty needs to sustain below 11595 to test 11525 - 11505 initially and closing below it can go further till 11440 - 11375, and we saw Nifty confirm our short trade and do 40+ points and then trade sideways.

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 11765 - 11785 and look to hold further only on sustaining or getting a close above 11785 for the next targets of 11840 - 11900. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11580 and then enter for a initial target of 11520 - 11505 and look to hold further only on sustaining or getting a close below 11505 for the next targets of 11450 - 11390. 

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.   

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

Nifty Spot Levels for the week are

Long above 11680 , Tgt  11705 - 11725 - 11740

IF Nifty spot manages to get a close / sustain above 11765 then ,

long again for 11785 - 11840 - 11900

Short below 11605 , Tgt 11580 - 11565 - 11545

IF Nifty spot manages to get a close / sustain below 11520 then, 

short again for 11505 - 11450 - 11390

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.