Nifty Spot Outlook for 23rd Aug

NIFTY

In the previous session Nifty spot opened at 10905.30, made a high of 10908.25, then made a low of 10718.30,  before closing at 10741.35

Had mentioned that long trade will get triggered for the day on sustaining above 10960 and short trade will get triggered for the day on sustaining below 10875. Nifty triggered our short trade and completed all targets giving 125 points .

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. 

Nifty had triggered our weekly shorts in the previous session and today made a low 10718.30 completing our initial targets . Now sustaining below 10780 we can see a move towards our next targets . 

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 . Today Nifty has closed well below 10810 and we can see a move towards our next targets . 

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 10785 to test 10830 - 10845 initially and sustaining above it we can see a further upmove till 10885 - 10925. Similarly breaking and sustaining below 10695 we can see a test of 10650 - 10640 initially and breaking and sustaining below it we can see a further correction till 10600 - 10555.

Nifty Spot Levels for the day are

Long above 10785 for 10815 - 10845 - 10925 , SL 10755

Short below 10695 for 10670 - 10640 - 10555 , SL 10730

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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.