Sunday, 15 April 2018

Weekly Spot Outlook Of Nifty for 16th to 20th Apr

NIFTY

This week Nifty spot went down by 3 points and went up by 188 points before finally ending the week with a gain of 149 points compared to last weekly closing. Nifty had made a new life time high of 11171.55 in January and had corrected by 1200 points after that till 9951.90  .


As per levels given for the previous week Nifty Spot needed to break and sustain above 10445 to trigger a upmove and Nifty spot needed to break and sustain below 10220 to trigger downmove for the week. Nifty made a high of 10519.90 and a low of 10328.50 for the week. 

In the previous week had mentioned that " Now in the coming week Nifty needs to break and sustain above 10445 to test 10560 - 10590 initially and above it we can see a test of 10690 - 10800 . Breaking and sustaining below 10220 we can see a test of 10105 - 10075 initially and below it we can see a test of 9975 - 9865 . Those who are holding longs should now move their trailing cbsl to 10220 this wee and can hold further on sustaining / closing above 10445 with a trailing cbsl of 10295 and look to book once near 10520 - 10575 .  Fresh shorts may be entered this week on sustaining / closing below 10220 .  Nifty may face some resistance near 10520 - 10575 on further upmove in the coming week .  "  and Nifty made a high of 10519.90 . Nifty has so far given us 470 points in our long trade from 10050 . 


Now in the coming week Nifty needs to break and sustain above 10560 to test 10640 - 10660 initially and above it we can see a test of 10735 - 10810 . Breaking and sustaining below 10400 we can see a test of 10320 - 10300 initially and below it we can see a test of 10230 - 10150 .  Those who are holding longs should now move their trailing cbsl to 10400 this week and can hold further on sustaining / closing above 10560 with a trailing cbsl of 10505 and look to book once near 10640 - 10660 . Fresh shorts may be entered this week on sustaining / closing below 10400.  Nifty has initial resistance near 10520 - 10575 and above it near 10640 - 10660 this week  . 


For the month of April , longs will get confirmed with a consecutive close above 10315 for a initial target of 10520 - 10575 and sustaining / closing above it we can see a further move till 10750 - 10900 .  Similarly shorts will get confirmed with a consecutive close below 9915 for  a initial target of 9705 - 9655 and sustaining / closing below it we can see a further move till 9475 - 9275 . Had mentioned previously that " Nifty has confirmed our monthly longs and we may see a move till 10520 - 10575 where we have our next immediate resistance .


Nifty Spot Levels for the week are

Long above 10530 , Tgt  10560 - 10585 - 10605

IF Nifty spot manages to get a close / sustain above 10640 then ,

long again for 10660 - 10735 - 10810

Short below 10430 , Tgt 10400 - 10380 - 10355

IF Nifty spot manages to get a close / sustain below 10320 then, 

short again for 10300 - 10230 - 10150

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.