Nifty Spot Outlook for 01st Aug

NIFTY

In the previous session Nifty spot opened at 11034.05,  made a high of 11145.30, made a low of 10999.40  before closing at 11118.00

Had mentioned that long trade will get triggered for the day on sustaining above 11105 and short trade will get triggered for the day on sustaining below 11065. Nifty initially triggered our long trade and completed 2 targets and took our TSL. Nifty then reversed to trigger our short trade and completed all our targets and again reversed indicating indecisiveness.

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11355 and then enter for a initial target of 11430 - 11450 and look to hold further only on sustaining or getting a close above 11450 for the next targets of 11515 - 11585. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11215 and then enter for a initial target of 11140 - 11120 and look to hold further only on sustaining or getting a close below 11120 for the next targets of 11055 - 10985. 

Nifty had triggered our weekly short trade in the previous session and today tested our next target zone of 11055 - 10985 with a low of 10999.40. Now in the coming session as long as Nifty is able to close above 10985 we can expect to see some bounce. Those who are looking to go long should keep a cbsl of 10985. 

For the month of August , longs will get confirmed in Nifty with a consecutive close above 11250 for a initial target of 11390 - 11425 and sustaining / closing above it we can see a further move till 11545 - 11675 .  Similarly shorts will get confirmed with a consecutive close below 10985 for  a initial target of 10845 - 10810 and sustaining / closing below it we can see a further move till 10690 - 10560 .

Now on the downside Nifty has immediate support near 11035 - 10985 and it needs to hold these levels on closing basis for any bounce to come as closing strongly below it we can expect further correction. 

Now in the coming session Nifty needs to break and sustain above 11145 to test 11165 - 11175 initially and sustaining above it we can see a further upmove till 11195 - 11220. Similarly breaking and sustaining below 11090 we can see a test of 11070 - 11060 initially and breaking and sustaining below it we can see a further correction till 11040 - 11015.

Nifty Spot Levels for the day are

Long above 11145 for 11155 - 11175 - 11220 , SL 11125

Short below 11090 for 11080 - 11060 - 11015 , SL 11110

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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.