Nifty Spot Outlook for 24th Aug

NIFTY

In the previous session Nifty spot opened at 11620.70 which was a new lifetime high and also the high for the day, then made a low of 11546.70   before closing at 11582.75

Had mentioned that long trade will get triggered for the day on sustaining above 11595 and short trade will get triggered for the day on sustaining below 11545. Nifty triggered our long trade by opening near the 2nd target for the day and reversed and then traded sideways for the day. 

As mentioned in the previous post " In this week Nifty needs to break and sustain / close above 11525 to test 11585 - 11600 initially and above it we can see a test of 11650 - 11700 . Similarly Nifty needs to break and sustain / close below 11415 to test 11355 - 11340 initially and below it we can see a test of 11290 - 11235 ." , and Nifty had triggered our long trade for the week and made a high of 11620.70 completing our initial targets.

Had mentioned previously " 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 .  " , and Nifty has now tested our next targets with a high of 11620.70 after sustaining above 11540 .

Now in the coming session Nifty needs to break and sustain above 11605 to test 11630 - 11635 initially and sustaining above it we can see a further upmove till 11655 - 11675. Similarly breaking and sustaining below 11560 we can see a test of 11535 - 11530 initially and breaking and sustaining below it we can see a further correction till 11510 - 11490. 

Nifty Spot Levels for the day are

Long above 11605 for 11620 - 11635 - 11675 , SL 11575

Short below 11560 for 11545 - 11530 - 11490 , SL 11590

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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.