Nifty Spot Outlook for 20th Aug

NIFTY

In the previous session Nifty spot opened at 11094.80, made a high of 11146.90, then made a low of 11037.85,  before closing at 11053.90

Had mentioned that long trade will get triggered for the day on sustaining above 11090 and short trade will get triggered for the day on sustaining below 11005. Nifty triggered our long trade and completed nearly 2 targets and then took our TSL.

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11165 and then enter for a initial target of 11285 - 11315 and look to hold further only on sustaining or getting a close above 11315 for the next targets of 11420 - 11535. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 10930 and then enter for a initial target of 10810 - 10780 and look to hold further only on sustaining or getting a close below 10780 for the next targets of 10675 - 10560. 

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 month 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 upward 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 11100 to test 11145 - 11155 initially and sustaining above it we can see a further upmove till 11195 - 11240. Similarly breaking and sustaining below 11010 we can see a test of 10965 - 10955 initially and breaking and sustaining below it we can see a further correction till 10915 - 10870.

Nifty Spot Levels for the day are

Long above 11100 for 11125 - 11155 - 11240 , SL 11070

Short below 11010 for 10985 - 10955 - 10870 , SL 11040

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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.