Nifty Spot Outlook for 08th Jul

NIFTY

In the previous session Nifty spot opened at 11964.75  made a high of 11981.75 , made a low of 11797.90,  before closing at 11811.15

Had mentioned that long trade will get triggered for the day on sustaining above 11965 and short trade will get triggered for the day on sustaining below 11930. Nifty initially triggered our long trade and completed just 1 target and took our TSL . It then triggered our short trade and completed all targets giving 60 points and further exceeded it by another 70 points. .

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11880 and then enter for a initial target of 11950 - 11970 and look to hold further only on sustaining or getting a close above 11970 for the next targets of 12030 - 12100. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11745 and then enter for a initial target of 11675 - 11655 and look to hold further only on sustaining or getting a close below 11655 for the next targets of 11595 - 11525. 

For the month of July , longs will get confirmed in Nifty with a consecutive close above 11940 for a initial target of 12095 - 12135 and sustaining / closing above it we can see a further move till 12270 - 12420 .  Similarly shorts will get confirmed with a consecutive close below 11640 for  a initial target of 11480 - 11440 and sustaining / closing below it we can see a further move till 11305 - 11155 .

Now on the downside Nifty has immediate support near 11670 - 11640 and it needs to hold this levels on closing basis in the month of July on a correction for a bounce .

Now in the coming session Nifty needs to break and sustain above 11840 to test 11865 - 11870 initially and sustaining above it we can see a further upmove till 11895 - 11920. Similarly breaking and sustaining below 11785 we can see a test of 11760 - 11750 initially and breaking and sustaining below it we can see a further correction till 11730 - 11705.

Nifty Spot Levels for the day are

Long above 11840 for 11855 - 11870 - 11920 , SL 11820

Short below 11785 for 11770 - 11750 - 11705 , SL 11805

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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.