Thursday, 28 July 2016

Nifty Spot Outlook for 29th July


Nifty spot opened  at 8636.95,  made a low of 8625.25 , went up till 8674.70 before closing at 8666.30 . We had mentioned that long positions can be taken above 8633 and short positions can be taken below 8598 for the day . Nifty triggered our long trade and completed 2 targets giving us around 30 points . Today Nifty closed just above our next resistance zone of 8630 - 8660 and now it has to sustain above this and give a consecutive close above 8675 which will open doors till 8824 as mentioned in yesterdays post . Those holding longs should book if Nifty fails to sustain above 8675 tomorrow as we may then test the support near 8556 - 8575 . Longs looking to enter on any correction  near these levels should keep a cbsl of 8554 . Also those looking to go short should keep a cbsl of 8675 as mentioned previously too . We may see a correction from these 8660 - 8675 levels upto 8575 - 8556 and further till 8488 - 8476 incase 8554 spot is now broken and sustained .  

Trend reversal in Nifty for this series would be consecutive closing below 8122 and trend continuation would be on consecutive close above 8454 spot . 

For today if Nifty spot sustains above 8684 we can see a initial move upto  8703 & on sustaining above 8708 we may see further upmove till 8742. Similarly if Nifty spot sustains below 8648 we may see a initial move on the downside upto 8630 & on sustaining below 8625 we may see a further downmove till 8591

Nifty Spot Levels for the day are

Long above 8684 for 8695 - 8708 - 8742 , SL 8661

Short below 8648 for 8637 - 8625 - 8591 , SL 8672

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Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss

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