Monday, 17 April 2017

Nifty Spot Outlook for 18th April

NIFTY


Nifty spot  opened  at 9144.75 , made a high of 9160 , it went down till 9120.25 before closing at 9139.30. Had mentioned that long positions for the day can be taken above 9167 and short positions for the day can be taken below 9135. 

Nifty triggered our short trade today and completed just 1 targets .  Had mentioned in the previous post that " In the coming session once Nifty breaks and sustains above 9244 we can see a test of 9271 - 9291 levels initially and once it breaks below 9153 and sustains then we can see a test of 9125 - 9105 initially." , nifty had closed marginally below on 9153 on Friday  and we saw it make a low of 9120 today . 


Now for this week Nifty Spot needs to break and sustain above 9193 for long confirmationthen we can expect a move till 9220 - 9238 initially and closing above 9250 we can expect the next move till 9288 - 9330 . Similarly this week Nifty spot needs to break and sustain below 9108 for short confirmation, then we can expect a move till 9082 - 9063 initially and closing below 9052 we can expect a further move till 9013 - 8971  . Nifty needs to give a consecutive close above 9277 for fresh long positions to be entered for this month .   Nifty is currently in a trading range of 9071 - 9277 so far this month and we need to see a breakout with volumes on either side for a trending move . 


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 .

Had mentioned in the last few posts that "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" , today we made a low of 9120.05 and those who have taken long positions should follow the cbsl mentioned . 


For today if Nifty spot sustains above 9155 we can see a initial move on the upside till 9172 & on sustaining above 9177 we may see further move till 9207 . Similarly if Nifty spot sustains below 9123 we may see a initial move on the downside till 9106 & on sustaining below 9102 we may see a further move till 9071


Nifty Spot Levels for the day are

Long above 9155 for 9165 - 9177 - 9207 , SL 9134

Short below 9123 for 9113 - 9102 - 9071 , SL 9144

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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.