Monday, 16 July 2018

Nifty Spot Outlook for 16th Jul

NIFTY


In the previous session Nifty spot opened at 11056.90, made a high of 11071.35 ,  then made a low of 10999.75 ,  before closing at 11018.90.

Had mentioned that long trade will get triggered for the day on sustaining above 11045 and short trade will get triggered for the day on sustaining below 11005. Nifty initially triggered our long trade and did just 25 points and then reversed to trigger our short trade but did not sustain  . 

In this week Nifty needs to break and sustain / close above 11060 to test 11105 - 11115 initially and above it we can see a test of 11150 - 11190 . Similarly Nifty needs to break and sustain / close below 10975 to test 10935 - 10925 initially and below it we can see a test of 10885 - 10850 .

Had mentioned previously that " For the month of July ,Nifty longs will get confirmed with a consecutive close above 10875 for a initial target of 11050 - 11090 and sustaining / closing above it we can see a further test of 11240 - 11400 . Similarly , shorts will get confirmed with a consecutive close below  10550 for a initial target of 10380 - 10335 and sustaining / closing below it we can see a further move till 10190 - 10025 ." , and Nifty had confirmed our monthly longs in the previous session and today completed our initial targets of 11050 - 11090 with a high of 11078.30 . Now for further upmove Nifty has to close above 11090 in the coming sessions for a move towards 11240 - 11400 else we might see a move back to 10975 - 10925 again . 

Now in the coming session Nifty needs to break and sustain above 11035 to test 11050 - 11055 initially and sustaining above it we can see a further upmove till 11070 - 11085. Similarly breaking and sustaining below 11005 we can see a test of 10990 - 10985 initially and breaking and sustaining below it we can see a further correction till 10970 - 10955 . 


Nifty Spot Levels for the day are

Long above 11035 for 11045 - 11055 - 11085 , SL 11015

Short below 11005 for 10995 - 10985 - 10955 , SL 11025

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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.