NIFTY Outlook - 30/04/2019

NSE:NIFTY   Nifty 50 Index
Hi to all and hopefully enjoying a long weekend. I am sharing my NIFTY outlook for 30/04/19.

Micros: Crud: Crud failed to sustain above $75.70, closed below $72. Strong positive signals from Crud.
Currency: Currency also failed to sustain above $70 and closed below $70 - Strong Positive signal from Currency.

Data Outlook:
10700 have strong Put writing. I have a strong view that 10700 will not break on Tuesday. The reason behind it, there are 1411125 open positions in 10700 call writing. If NIFTY will able to sustain above 10700 then 10700 call writer may go on backfoot and this short covering will take NF to near 10770 - 10800.

10800 have strong Call writing. It is the first major resistance for nifty . By mistake :), if it will sustain above 10800 then it will be a Boom because of 1933125 open positions in 10800 and 666525 open position in 10750 will be on risk.

According to chart NF range is 10550 to 10760. But as per my view sometimes DATA is very important than chart reading. Please don't think that now NF is on the upper band so you can go short. Please don't make your short position above 1070, otherwise, you will be trape. Yes, for sure below 10700 can take a short position. But according to strong micros, I don't think so NF will slip below 10700.

Please avoid long position in IT sector, maybe profit booking will come. I have closed my TCS position on Friday with 90 points again.

I am still bullish in OMC stocks. I am long in BPCL from Friday @ a price of 258.5

You can follow me on Telegram @svapnilchoksi for an intraday update or any query.

Thank x :)

Comment: Please ignore 10700 and 10800...its 11700 and 11800. :) ....Thank x
Trade active: Buy @ 11705 SL: Below 11680 Target: 11745-55-60.
Follow me on telegram @svapnilchoksi for Intraday update.
Thank x :)
Trade closed: target reached: Target Done. Thank X
For Intraday update u can follow me on telegram @svapnilchoksi


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