Nifty outlook and five trading calls by Devang Shah for today's trade

Nifty is trending in channel as per daily chart and is still holding bullish trend as per Dow Theory

NIFTY
 

CLOSE- 9198.30 (09.04.17)

NIFTY extended on upside as expected last week. It made a high of 9273.90, while Sensex hit a high of 30,007.50 so far in this rally. It witnessed profit booking from higher levels ahead of weekend and Nifty closed below 9,200 levels at the end of weekly trading session. The index is extending as expected as per simple Dow Theory as mentioned earlier as per daily chart. It’s advisable to trail with stoploss levels to get benefit of such kind of extended rally. All the other indices closed the week in positive territory. One