Nifty April 13th, 2017: Nifty fall was expected due to global weakness. Index opened 0.15 points below the day’s high at 9202.50 and started to fall deeper after taking out the 13-EMA. Finally Nifty found support at 9144.95 and closed just above 9150.
Nifty 13th April 2017 Intraday Movement:
Nifty FII activity 10thApril 2017: FII’s bought 146 crores in Index futures and bought 1984 crores in Index Option today.
Nifty Spot: 9150.80 (-52.65)
Nifty 27 April 2017 Expiry Futures: 9182.25 (-40.95)
Support: 9130, 9080
Resistance: 9250, 9280
Nifty Forecast/Outlook for 13th April 2017: Nifty forming a Bearish Belt Hold pattern, where the nifty opening price is same as the day’s high is a weak signal. As said previously to square off the long trades if nifty manages to close below 9160 levels. Nifty having a minor support near 9120- 9140 zone and a strong base at 9050 so one can expect a bounce back to 9200, 9250 levels. So better to wait and watch in this uncertain zone.
Nifty’s Negative Signal: Bearish Belt Hold Pattern, Nifty below 13-EMA and 9160 levels.
Nifty’s Positive signal: Nifty 27-Apr-2017 Expiry Open interest decreased by 2.51%, Nifty future premium increased from 19.75 to 31.45, FII’s turned buyers with small buy figure and long term UP trend
Nifty Daily Term trend: Sideways with negative bias.
Nifty Short Term trend: UP
Nifty Target for Today 17th April 2017: Nifty today can move upside with a target of 9200 and 9250 and the downside will be limited with a target of 9130, 9080
Nifty up trend reversal point: Closing below 8980 Levels.
Opening Strategies: Buy Nifty @9240 levels with stop around 9130 for a target of 9350.
Current Loss: 90 Points
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