Nifty Spot Outlook for 03rd Sep

NIFTY

In the previous session Nifty spot opened at 10987.80, made a low of 10874.80, then made a high of 11042.60,  before closing at 11023.25

Had mentioned that long trade will get triggered for the day on sustaining above 10995 and short trade will get triggered for the day on sustaining below 10905. Nifty initially triggered our short trade and completed just 1 target and took our  TSL .Nifty then reversed to trigger our long trade and nearly completed 2 targets.

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11145 and then enter for a initial target of 11270 - 11300 and look to hold further only on sustaining or getting a close above 11300 for the next targets of 11410 - 11530. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 10905 and then enter for a initial target of 10775 - 10745 and look to hold further only on sustaining or getting a close below 10745 for the next targets of 10635 - 10520. 

For the month of September , longs will get confirmed in Nifty with a consecutive close above 11270 for a initial target of 11530 - 11600 and sustaining / closing above 11600 we can see a further move till 11825 - 12070 .  Similarly shorts will get confirmed with a consecutive close below 10775 for  a initial target of 10515 - 10450 and sustaining / closing below 10450 we can see a further move till 10225 - 9975 . 

Now on the upside Nifty has immediate resistance near 11170 - 11270 in the coming sessions and only on getting a consecutive close above 11270 we can see a further upmove .

On the downside Nifty has immediate support near 10870 - 10775 in the coming sessions and on getting a consecutive close below 10775 we can see the correction resume to break the lows made in August.

Now in the coming session Nifty needs to break and sustain above 11070 test 11115 - 11130 initially and sustaining above it we can see a further upmove till 11170 - 11215. Similarly breaking and sustaining below 10975 we can see a test of 10930 - 10915 initially and breaking and sustaining below it we can see a further correction till 10880 - 10835.

Nifty Spot Levels for the day are

Long above 11070 for 11095 - 11130 - 11215 , SL 11035

Short below 10975 for 10950 - 10915 - 10835 , SL 11010

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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.