Nifty Spot Outlook for 06th Aug

NIFTY

In the previous session Nifty spot opened at 10895.80 which was also the high, made a low of 10782.60,   before closing at 10862.60

Had mentioned that long trade will get triggered for the day on sustaining above 11020 and short trade will get triggered for the day on sustaining below 10975. Nifty triggered opened below our last short target for the day and did not give any chance to enter . 

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11060 and then enter for a initial target of 11120 - 11135 and look to hold further only on sustaining or getting a close above 11135 for the next targets of 11190 - 11250. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 10935 and then enter for a initial target of 10875 - 10860 and look to hold further only on sustaining or getting a close below 10860 for the next targets of 10805 - 10745. 

Nifty triggered our weekly short trade and nearly completed all our short targets testing our last target zone of 10805 - 10745 with a low of 10782.60.

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 .

Nifty today completed our initial short target with a low of 10782.60 and managed to bounce back smartly. Now for a further correction Nifty has to give a close below 10810 and holding the same on closing basis in the coming sessions we can see a pullback bounce to test its initial resistance near 10985 - 11055.

Had mentioned previously that "Nifty has closed below its immediate support zone of  11055 - 10985 and it needs to strongly recover above these levels on closing basis for any bounce to come as closing strongly below it we can expect further correction.", and Nifty made a low of 10782.60 today.

Now on the upside Nifty has immediate resistance near 10985 - 11055 initially and above it next resistance at 11200 - 11250  . On the downside Nifty has immediate support at 10845 - 10810 and only closing below 10810 we can see further correction .

Now in the coming session Nifty needs to break and sustain above 10890 to test 10915 - 10920 initially and sustaining above it we can see a further upmove till 10945 - 10970. Similarly breaking and sustaining below 10835 we can see a test of 10810 - 10805 initially and breaking and sustaining below it we can see a further correction till 10785 - 10760.

Nifty Spot Levels for the day are

Long above 10890 for 10905 - 10920 - 10970 , SL 10870

Short below 10835 for 10820 - 10805 - 10760 , SL 10855

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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.