Nifty Spot Outlook for 23rd Aug

NIFTY

Nifty spot opened at 9815.75 and made a high of 9828.45 , it made a low of 9752.60, before closing at 9765.55

Had mentioned that long positions for the day can be taken above 9785 and short positions can be taken below 9725 . Nifty triggered our long trade and opened near our 2nd long target for the day and did give a good entry . Nifty had closed below our weekly short confirmation level in the previous session and today has closed borderline on the short confirmation level . Bank Nifty has failed to close below the weekly short confirmation level in both the sessions and with today's borderline close in Nifty we can see our weekly short cbsl of 9815 coming under pressure tomorrow again . 

Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain below 9725 to test 9695 - 9690 initially and sustaining below it we can see a test of 9665 - 9635. Breaking and sustaining above 9785 we can see a bounce till 9815 - 9820 initially and breaking and sustaining above it we can see a test of 9845 - 9875 " , and we saw Nifty make a high of 9828.45 just above our initial resistance zone but it failed to sustain above it to test the next resistance zone . Now in the coming session Nifty needs to break and sustain below 9740 to test  9710 - 9700 initially and sustaining below it we can see a test of 9675 - 9650  . Breaking and sustaining above 9795 we see a bounce till 9825 - 9835 initially and breaking and sustaining above it we can see a test of  9855 - 9885 . 

Nifty Spot Levels for the day are

Long above 9795  for 9815 - 9835 - 9885 , SL 9755

Short below 9740 for 9720 - 9700 - 9650 , SL 9775

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate reactions box at the bottom of the post.

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.