Nifty Spot Outlook for 04th Aug

NIFTY

Nifty spot opened at 10081.15 which was also the high for the day , it made a low at 9998.25 , before closing at 10013.65  

Had mentioned that long positions for the day can be taken above 10094 and short positions can be taken below 10069 . Nifty triggered our short trade for the day and and completed all our short targets and bettered it by 30 points . 

Had mentioned in the previous post "   Now in the coming session Nifty needs to break and sustain above 10130 to test 10170 - 10220 . Those who are long should move up their cbsl to 10005 now . Those who are looking to go short on further upmove should keep a strict cbsl of 10150 spot and look to go short " , and we saw Nifty reverse from near 10137 in the previous session and break 10000 momentarily today . Those who have shorted with a cbsl of 10150 in the previous session would have got 100+ points in this downmove . Also as mentioned "  Nifty is currently in a range of 10005 - 10150 and we need to see this range broken and sustained for a bigger move " , and today we saw Nifty momentarily break this range on the downside but closed just above it . IF Nifty holds on to the cbsl for longs at 10005 then we can see a retest of 10115 - 10130 . Breaking and sustaining below 9985 - 9965 we can see a test of 9915 - 9900 initially and below it we can see a further test of 9855  9810 next . Those who have taken a short position in the previous session should now move up their trailing cbsl to 10055 from 10150 given previously . 

Nifty Spot Levels for the day are

Long above 10030 for 10040 - 10051 - 10081 , SL 10009

Short below 9998 for 9988 - 9977 - 9946 , SL 10019

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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them  . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.