Nifty Spot Outlook for 14th Aug

NIFTY

In the previous session Nifty spot opened at 11139.40, made a high of 11145.90, then made a low of 10901.60,  before closing at 10925.85

Had mentioned that long trade will get triggered for the day on sustaining above 11150 and short trade will get triggered for the day on sustaining below 11070. Nifty triggered our short trade and completed all daily targets giving 150 points. 

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11220 and then enter for a initial target of 11335 - 11365 and look to hold further only on sustaining or getting a close above 11365 for the next targets of 11460 - 11570. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11000 and then enter for a initial target of 10885 - 10855 and look to hold further only on sustaining or getting a close below 10855 for the next targets of 10760 - 10650. 

Nifty triggered our weekly short trade and those who have entered short positions should look to book once our initial target of 10885 - 10855 as it can take some support near these levels and bounce .

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 confirmed our short trade for the moth and has made a low of 10762.80 completing our initial targets . For further correction we need to get a close below 10810 and as long as its held we can expect a bounce .

On the upside Nifty has immediate resistance near 11200 - 11250 in the coming sessions and on getting a consecutive close above 11250 we can see a further upmove 11390 - 11425  . On the downside Nifty has immediate support at 10845 - 10810 and only closing below 10810 we can see further correction towards 10690 - 10560.

Now in the coming session Nifty needs to break and sustain above 10970 to test 11020 - 11030 initially and sustaining above it we can see a further upmove till 11070 - 11115. Similarly breaking and sustaining below 10880 we can see a test of 10835 - 10825 initially and breaking and sustaining below it we can see a further correction till 10785 - 10740.

Nifty Spot Levels for the day are

Long above 10970 for 11000 - 11030 - 11115 , SL 10940

Short below 10880 for 10855 - 10825 - 10740 , SL 10915

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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.