Nifty Spot Outlook for 26th Aug

NIFTY

In the previous session Nifty spot opened at 10699.60, made a low of 10637.15, then made a high of 10862.55,  before closing at 10829.35

Had mentioned that long trade will get triggered for the day on sustaining above 10785 and short trade will get triggered for the day on sustaining below 10695. Nifty initially triggered our short trade and completed 2 targets giving 50+ points and took our TSL. Nifty then reversed sharply and triggered our long trade on the back of positive announcements made the government and completed 2 long targets too giving 60+ points.

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 10935 and then enter for a initial target of 11045 - 11070 and look to hold further only on sustaining or getting a close above 11070 for the next targets of 11165 - 11270. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 10725 and then enter for a initial target of 10615 - 10590 and look to hold further only on sustaining or getting a close below 10590 for the next targets of 10495 - 10390. 

Had mentioned at the start of the month that "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 has now made a low of 10637.15 reaching our last target zone of 10690 - 10560 . Now for a further correction Nifty needs to close below 10685 and as long as its held we can expect a bounce now towards 11000 levels again .

Now 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  . 

Now in the coming session Nifty needs to break and sustain above 10870 to test 10910 - 10920 initially and sustaining above it we can see a further upmove till 10955 - 10995. Similarly breaking and sustaining below 10790 we can see a test of 10750 - 10740 initially and breaking and sustaining below it we can see a further correction till 10705 - 10665.

Nifty Spot Levels for the day are

Long above 10870 for 10895 - 10920 - 10995 , SL 10840

Short below 10790 for 10765 - 10740 - 10665 , SL 10820

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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.