Tuesday, 31 July 2018

Nifty Spot Outlook for 01st Aug

NIFTY


In the previous session Nifty spot opened at 11311.05, made a low of 11267.75 , then made a new lifetime high of 11366.00 ,   before closing at 11356.50.

Had mentioned that long trade will get triggered for the day on sustaining above 11335 and short trade will get triggered for the day on sustaining below 11300. Nifty initially triggered our short trade and did 30 points. It then reversed and triggered our long trade and did 30 points again.

As mentioned earlier " In this week Nifty needs to break and sustain / close above 11325 to test 11375 - 11385 initially and above it we can see a test of 11425 - 11470 . Similarly Nifty needs to break and sustain / close below 11230 to test 11185 - 11170 initially and below it we can see a test of 11130 - 11085 .", and today Nifty triggered our weekly longs and it can test our initial targets of 11375 - 11385 .

In July Nifty triggered our monthly longs above 10875 and made a high of 11366 testing our last targets of 11240 - 11400 giving us 491 points from the positional trade. 

For the month of August ,Nifty longs will get confirmed with a consecutive close above 11435 for a initial target of 11520 - 11540 and sustaining / closing above it we can see a further test of 11610 - 11690 . Similarly , shorts will get confirmed with a consecutive close below  11275 for a initial target of 11195 - 11175 and sustaining / closing below it we can see a further move till 11100 - 11025 .  Nifty currently has resistance near 11385 - 11435 and it needs to break and sustain / close above it for further upmove else we might see a pull back till 11310 - 11275 initially.

Now in the coming session Nifty needs to break and sustain above 11370 to test 11385 - 11390 initially and sustaining above it we can see a further upmove till 11405 - 11415. Similarly breaking and sustaining below 11340 we can see a test of 11325 - 11320 initially and breaking and sustaining below it we can see a further correction till 11310 - 11295. 


Nifty Spot Levels for the day are

Long above 11370 for 11380 - 11390 - 11415 , SL 11350

Short below 11340 for 11330 - 11320 - 11295 , SL 11360

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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.