Nifty Spot Outlook for 29th Aug

NIFTY

In the previous session Nifty spot opened at 11101.30, made a high of 11129.65, then made a low of 10987.65,  before closing at 11046.10

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 11060. Nifty triggered our short trade and completed 2 targets .  

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. 

Nifty had triggered our long trade for the week and completed our initial targets . Now sustaining above 11070 we can expect Nifty to move towards our next targets.

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 " , and Nifty confirmed our monthly short trade and made a low of 10637.15 reaching our last target zone .

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 11090 to test 11135 - 11145 initially and sustaining above it we can see a further upmove till 11185 - 11225. Similarly breaking and sustaining below 11005 we can see a test of 10960 - 10950 initially and breaking and sustaining below it we can see a further correction till 10910 - 10865.

Nifty Spot Levels for the day are

Long above 11090 for 11115 - 11145 - 11225 , SL 11060

Short below 11005 for 10975 - 10950 - 10865 , SL 11035

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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.