Nifty Spot Outlook for 02nd Aug

NIFTY

In the previous session Nifty spot opened at 11359.80, made a new life time high of 11390.55 , then made a low of 11313.55 ,   before closing at 11346.20.

Had mentioned that long trade will get triggered for the day on sustaining above 11370 and short trade will get triggered for the day on sustaining below 11340. Nifty initially triggered our long trade and did just 20 points. It then reversed and triggered our short trade and did 25 points again. Nifty has been moving indecisively for the past 2 sessions .

As mentioned earlier " In this week Nifty needs to break and sustain / close above 11325 to test 11375 - 11385 initially and above it we can see a test of 11425 - 11470 . Similarly Nifty needs to break and sustain / close below 11230 to test 11185 - 11170 initially and below it we can see a test of 11130 - 11085 .", and Nifty had triggered our weekly longs and tested our initial targets of 11375 - 11385 today with a high of 11390.55 . Now for a further upmove it has to sustain above 11385 in the coming sessions to test 11425 - 11470 else we might see it drift down till 11305 - 11290 initially .

In July Nifty triggered our monthly longs above 10875 and made a high of 11366 testing our last targets of 11240 - 11400 giving us 491 points from the positional trade. 

Had mentioned in the previous post " For the month of August ,Nifty longs will get confirmed with a consecutive close above 11435 for a initial target of 11520 - 11540 and sustaining / closing above it we can see a further test of 11610 - 11690 . Similarly , shorts will get confirmed with a consecutive close below  11275 for a initial target of 11195 - 11175 and sustaining / closing below it we can see a further move till 11100 - 11025 .  Nifty currently has resistance near 11385 - 11435 and it needs to break and sustain / close above it for further upmove else we might see a pull back till 11310 - 11275 initially." , and today Nifty made a high of 11390.55 and took resistance and pulled back till 11313.55 as expected.

Now in the coming session Nifty needs to break and sustain above 11360 to test 11375 - 11380 initially and sustaining above it we can see a further upmove till 11390 - 11405. Similarly breaking and sustaining below 11335 we can see a test of 11320 - 11315 initially and breaking and sustaining below it we can see a further correction till 11305 - 11290. 

Nifty Spot Levels for the day are

Long above 11360 for 11370 - 11380 - 11405 , SL 11340

Short below 11335 for 11325 - 11315 - 11290 , SL 11350

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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.