Weekly Spot Outlook Of Nifty For 30th Apr to 03rd May

NIFTY

This week Nifty went down by 188 points , and then went up by 44 points before finally ending the week with a gain of just 2 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11815 to confirm uptrend and Nifty spot needed to sustain and close below 11690 to confirm downtrend for the week. Nifty made a high of 11796.75 and made a low of 11564.80

Had mentioned in previous weekly post that Nifty needs to sustain above 11815 to test 11880 - 11895 initially and closing above it can go further till 11955 - 12015 and Nifty needs to sustain below 11690 to test 11625 - 11610 initially and closing below it can go further till 11555 - 11490, and we saw Nifty confirm our short trade and do 120 points nearly completing all our short targets for the week.

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11850 and then enter for a initial target of 11950 - 11980 and look to hold further only on sustaining or getting a close above 11980 for the next targets of 12065 - 12160. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11660 and then enter for a initial target of 11560 - 11530 and look to hold further only on sustaining or getting a close below 11530 for the next targets of 11445 - 11350. 

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 . 

Have been mentioning that Nifty now has strong support at 11520 - 11460 and it needs to hold these levels on a correction and last week we saw it come till 11564.80 and bounce .   

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 11815 , Tgt  11850 - 11880 - 11910

IF Nifty spot manages to get a close / sustain above 11950 then ,

long again for 11980 - 12065 - 12160

Short below 11695 , Tgt 11660 - 11630 - 11600

IF Nifty spot manages to get a close / sustain below 11560 then, 

short again for 11530 - 11445 - 11350

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.