Nifty Spot Outlook for 10th Jul

NIFTY

In the previous session Nifty spot opened at 11531.60  made a low of 11461.00, made a high of 11582.50,  before closing at 11555.90

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 11520. Nifty triggered our short trade and completed 2 daily targets giving 50 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. 

Had mentioned in the previous post " Today Nifty triggered our weekly short trade and completed all our weekly short targets with a low of 11523.30 . Now since its also triggered our monthly short trade hence sustaining below 11640 in the coming sessions we can see a test of 11480 - 11440 where we can see it take some support." ,  Nifty made a low of 11461 as expected in our support zone of 11480 - 11440 and bounced back by 100 points .

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 .

Nifty made a low of 11461 and completed our initial short targets of 11480 - 11440 below 11640 for the month giving a good exit . Now for a further correction Nifty has to close below 11440 . Nifty has immediate resistance now at 11670 for the bounce. 

Now in the coming session Nifty needs to break and sustain above 11595 to test 11630 - 11640 initially and sustaining above it we can see a further upmove till 11675 - 11710. Similarly breaking and sustaining below 11520 we can see a test of 11480 - 11470 initially and breaking and sustaining below it we can see a further correction till 11440 - 11400.

Nifty Spot Levels for the day are

Long above 11595 for 11615 - 11640 - 11710 , SL 11565

Short below 11520 for 11500 - 11470 - 11400 , SL 11545

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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.