Monday, 31 August 2020

Nifty Spot Outlook for 01st Sep

 In the previous session : 

Nifty went up by 147 points then went down by 322 points before closing lower by 260 points on Monday as compared to the previous day's close.

Nifty had made a life time high of 12430.50 on 20th January and again failed to give a strong close above its congestion zone of 12300 - 12375 for the upward momentum to continue and we saw a correction till 7511.10 now . 

On 31st Aug :

Nifty triggered our long trade with a big gap up above our last target and did not give a trade . Post that Nifty reversed to trigger our short trade and completed all targets and exceeded it by 200+ points giving close to 400 points.

For 01st Sep :

Sustaining above 11430 enter for 11455 - 11485 - 11560 , SL 11400

Sustaining below 11345 enter for 11320 - 11290 - 11215 , SL 11375

Nifty today reversed and closed below 11400 . Now as long as it does not return  to close above 11630 we can see selling at higher levels for a few sessions . 

Incase we get a gap up beyond the 1st target then will update fresh levels as per pre opening on the telegram channel "simplytradestocks"

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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.

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