Weekly Spot Outlook of Nifty for 13th to 17th Apr

In the previous week : 

Nifty went up by 1048 points before finally ending the week with a gain of 1028 points compared to last weekly closing. 

Nifty triggered our long trade as per levels given last week and did 757 points. 

Nifty had made a new life time high of 12430 on 20th January and has since then corrected to 7511 on 24th March . 

Nifty for this week :

• Sustaining above 9345 enter for 9485 - 9600 - 9715
• Further sustaining above 9880 enter for 9980 - 10320 - 10695

• Sustaining below 8880 enter for 8735 - 8625 - 8510
• Further sustaining below 8345 enter for 8245 - 7905 - 7530 

How to use these levels  

• For longs/shorts enter on breaking above the first weekly levels mentioned and hold on sustaining above /below the highlighted green/red level and look to book partly/fully once it completes its initial 3 targets . Re-enter if price again breaks above/below the further first level mentioned and hold on sustaining above/below the highlighted green/red level for next targets  . 

For this month :

• Nifty longs will get confirmed with a consecutive close above 9690 for a target of 10350 - 10590 and sustaining / closing above 10590 we can see a further move till 10830 - 11120.

• Nifty shorts will get confirmed with a consecutive close below 7510 for  a initial target of 6840 - 6600 and sustaining / closing below 6600 we can see a further move till 6365 - 6075 .

Now this week if Nifty triggers a weekly long trade then it would approach the monthly resistance zone of 9685 - 9985 where the current upmove can face stiff resistance. We are still in a bear market and such sharp rallies are part of the bear market. Longs should be cautious around the initial resistance levels of initially 9365 and next resistance zone of 9685 - 9985 .

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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.