NIFTY weekly view Apil 27-30

Apr 26, 2020

NIFTY Review of the week April 20-24

1. NIFTY confirmed low of 8820 on April 16. Then It created another low 8909 on April 21. Since the difference of the lows is less. I am going to consider this a support area 8810-8910.
2. NIFTY Also touched 9390 on April 20, but could not sustain there.

As per my monthly view, which spans for April to June or even more, this bounce is likely to fail.

So for the coming week, below are the important points.

1. Do not carry any high risk long positions overnight, even if the position is following the trend.
- VIX may spike again, mostly because of negative surprise.
- Current Market is highly news driven and anticipated lot of good news over the month of April
- The monthly trend is down.

2. For Intraday long or short positions, keep booking profits early even if you leave some money in the trade.

3. Do not expect any trend to last for more than 2-3 days.

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Now all this is till there is a breakout. How I define the breakout?

Upside breakout :
1. Crossing 9400 on strong candle and close above 9400.
2. 3 trend candles in positive direction and above 9560

Downside breakout:
1. Close below 8810.

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Lets see if there is a breakout or just extension of consolidation range.