Wednesday, 26 April 2017

Nifty Spot Outlook for 26th April

NIFTY


Nifty spot  opened  at 9273.05 , made a low of 9250.35 , it went up till 9309.20 before closing at 9306.60. Had mentioned that long positions for the day can be taken above 9236 and short positions for the day can be taken below 9200

Nifty triggered our long trade and completed all our daily targets . Nifty also completed all our weekly long targets . Nifty broke and sustained above our monthly long trigger level and gave a further upmove of 30 points .  We had got a good chance to go long again on Friday with our cbsl at 9071 , a small sl of 15 point and we have done nearly 230+ points till now . Nifty has its next immediate resistance near 9341 - 9386 levels . 


Now for this week Nifty Spot needs to break and sustain above 9152 for long confirmationthen we can expect a move till 9171 - 9186 initially and closing above 9194 we can expect the next move till 9224 - 9256 Similarly this week Nifty spot needs to break and sustain below 9087 for short confirmation, then we can expect a move till 9067 - 9053 initially and closing below 9045 we can expect a further move till 9015 - 8983 . Nifty today tested our second next resistance zone of 9224 - 9256 with a high of 9225.40 . Nifty needs to give a consecutive close above 9277 for fresh long positions to be entered for this month and a consecutive close below 9071 for fresh short positions to be entered for this month .  Nifty has been 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 .

The geopolitical issues is what can cause some concern for longs as and when it escalates . Breaking and sustaining below 9071 we can see a test upto 8985 - 8960 levels. Breaking and sustaining above 9277 we see a test of 9341 - 9386 levels. Those who are long from 9075 - 9089 levels last week should keep a cbsl of 9276 for their positions and look to book once near 9341 - 9386 levels .Those who are looking to go short on a further upmove tomorrow should keep a cbsl of 9430 .


For today if Nifty spot sustains above 9326 we can see a initial move on the upside till 9347 & on sustaining above 9353 we may see further move till 9390 . Similarly if Nifty spot sustains below 9287 we may see a initial move on the downside till 9266 & on sustaining below 9261 we may see a further move till 9223


Nifty Spot Levels for the day are

Long above 9326 for 9339 - 9353 - 9390 , SL 9300

Short below 9287 for 9275 - 9261 - 9223 , SL 9313

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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 t14hat 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.