{"id":1987,"date":"2013-04-08T10:30:34","date_gmt":"2013-04-08T05:00:34","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=1987"},"modified":"2013-04-08T10:34:22","modified_gmt":"2013-04-08T05:04:22","slug":"nifty-weekly-outlook-april-8-12","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/nifty-weekly-outlook-april-8-12\/1987","title":{"rendered":"Nifty Weekly Outlook: April 8-12"},"content":{"rendered":"

The Nifty has fallen below the Nov. 20 \u00a0swing low of 5,548, which is a sign of weakness. This affirms the medium-term bearish view. From a short-term trading perspective, it is advisable to await a pull-back before considering short positions in the Nifty. From the daily chart of the Nifty featured below, it is evident that the index is at a key area of support.<\/p>\n\"Nifty<\/a>\n

The sharp fall last week has pushed the index to an oversold\u00a0territory.\u00a0 The positive divergence between the price action and the 14-day Relative Strength Index indicates that taking short positions at prevailing levels would be a high-risk, low probability affair. The logical stop-loss for short trades should be above the recent swing high of 5,755, which is too rich for comfort.<\/p>\n

As observed in the last week’s update<\/a>, compulsive traders may consider long positions with a stop loss at 5,510, basis spot price. Those considering long positions may take profits \u00a0at or beyond 5,650.<\/p>\n

On the other hand, a more logical trade would be short the Nifty at or above 5,675, with a stop-loss at 5,770 (just above the prior swing high at 5,755) for a trip down to 5,500 or lower.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Nifty has fallen below the Nov. 20 \u00a0swing low of 5,548, which is a sign of weakness. This affirms the medium-term bearish view. From a short-term trading perspective, it is advisable to await a pull-back before considering short positions in the Nifty. From the daily chart of the Nifty featured below, it is evident […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[59],"tags":[67,89],"yoast_head":"\nNifty Weekly Outlook: April 8-12<\/title>\n<meta name=\"description\" content=\"The Nifty is at oversold levels and near key support zone. 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