Saturday, 20 April 2019

Weekly Spot Outlook Of Nifty for 22nd to 26th Apr

NIFTY

This week Nifty went up by 213 points , before finally ending the week with a gain of 109 points compared to last weekly closing. Nifty made a new life time high of 11856.15 and also gave a lifetime high closing.

As per levels given for the previous week Nifty Spot needed to sustain and close above 11705 to confirm uptrend and Nifty spot needed to sustain and close below 11580 to confirm downtrend for the week. Nifty made a high of 11856.15 and made a low of 11648.25

Had mentioned in previous weekly post that Nifty needs to sustain above 11705 to test 11765 - 11785 initially and closing above it can go further till 11840 - 11900 and Nifty needs to sustain below 11580 to test 11520 - 11505 initially and closing below it can go further till 11450 - 11390, and we saw Nifty confirm our long trade and do 150 points nearly completing all our long targets for the week.

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. 


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 11520 - 11460 and it needs to hold these levels on a correction.   

On the upside Nifty has immediate resistance near 11790 - 11810 and a strong close above it is required for further upmove towards 12000 levels. 


Nifty Spot Levels for the week are

Long above 11790 , Tgt  11815 - 11835 - 11855

IF Nifty spot manages to get a close / sustain above 11880 then ,

long again for 11895 - 11955 - 12015

Short below 11715 , Tgt 11690 - 11675 - 11655

IF Nifty spot manages to get a close / sustain below 11625 then, 

short again for 11610 - 11555 - 11490


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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