Nifty Spot Outlook for 07th April

NIFTY

Nifty spot  opened  at 9245.80 , made a low of 9218.85 , it went up till 9267.95 before closing at 9261.95 . Had mentioned that long positions can be taken above 9279 and short positions can be taken below 9250. 

Nifty triggered our short trade today and missed our last target by 13 points. Nifty had triggered our weekly long trade in the previous session above 9205 and had completed our initial 3 long targets for the week. Today also it took support just above the weekly trigger and again completed the initial 3 weekly long targets giving a good swing trade.

We are still above the long confirmation levels of 8966 for the month of March and the trailing cbsl for those positions is 9142 . 

Now for this week Nifty Spot needs to break and sustain above 9224 for long confirmation, then we can expect a move till 9254 - 9276 initially and closing above 9290 we can expect the next move till 9335 - 9385 . Similarly this week Nifty spot needs to break and sustain below 9124 for short confirmation, then we can expect a move till 9093 - 9071 initially and closing below 9058 we can expect a further move till 9012 - 8963  . Nifty has closed within our initial weekly resistance zone of 9254 - 9276 for the second consecutive day and also Bank Nifty has closed marginally above our weekly long confirmation levels . Nifty needs to give a consecutive close above 9277 for fresh long positions to be entered for this month and also as per our weekly levels we can expect further up move only on a close above 9290 . Incase Nifty is unable to sustain / close above 9277 - 9290 we may see a correction till 9145 - 9125 with initial supports at 9205 - 9190 levels .

For the month of April we can expect uptrend in Nifty spot on a consecutive closing above 9277 and downtrend on a consecutive closing below 9071 . We had seen a move of nearly 250+ points after sustaining / closing above our monthly long confirmation level in March .

Those who are now looking to enter fresh longs on a correction till near 9142 - 9125 levels should keep a  cbsl of 9070 spot for their fresh positions. 

For today if Nifty spot sustains above 9276 we can see a initial move on the upside till 9291 & on sustaining above 9295 we may see further move till 9320 . Similarly if Nifty spot sustains below 9248 we may see a initial move on the downside till 9233 & on sustaining below 9229 we may see a further move till 9203 .

Nifty Spot Levels for the day are

Long above 9276 for 9285 - 9295 - 9320 , SL 9258

Short below 9248 for 9239 - 9229 - 9203 , SL 9266

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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.