Nifty Spot Outlook for 16th Aug

NIFTY

In the previous session Nifty spot opened at 11003.25, made a high of 11078.15, then made a low of 10935.60,  before closing at 11029.40

Had mentioned that long trade will get triggered for the day on sustaining above 10970 and short trade will get triggered for the day on sustaining below 10880. Nifty triggered our long trade with a gap up and completed 2 targets 

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. 

&

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 had triggered our weekly short trade and those who have entered short positions should look to book once near our initial target of 10885 - 10855 and enter again only on a close below 10855 .

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 had confirmed our short trade for the moth and 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 up to sideways movement.

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 11075 to test 11125 - 11140 initially and sustaining above it we can see a further upmove till 11180 - 11230. Similarly breaking and sustaining below 10980 we can see a test of 10935 - 10920 initially and breaking and sustaining below it we can see a further correction till 10880 - 10830.

Nifty Spot Levels for the day are

Long above 11075 for 11105 - 11140 - 11230 , SL 11045

Short below 10980 for 10955 - 10920 - 10830 , SL 11015

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate reactions box at the bottom of the post.

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.