Monday, 6 August 2018

Nifty Spot Outlook for 07th Aug

NIFTY


In the previous session Nifty spot opened at 11401.50 , made a new life time high of 11427.65 , then made a low of 11370.60 ,   before closing at 11387.10.

Had mentioned that long trade will get triggered for the day on sustaining above 11385 and short trade will get triggered for the day on sustaining below 11335. Nifty triggered our long trade and did 40 points .

In this week Nifty needs to break and sustain / close above 11425 to test 11490 - 11510 initially and above it we can see a test of 11565 - 11630 . Similarly Nifty needs to break and sustain / close below 11295 to test 11230 - 11215 initially and below it we can see a test of 11155 - 11095 . 

Had mentioned in the previous post " 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." , and Nifty has so far made a high of 11390.55 and pulled back till 11234.95 before bouncing back again.

Now in the coming session Nifty needs to break and sustain above 11410 to test 11435 - 11445 initially and sustaining above it we can see a further upmove till 11465 - 11490. Similarly breaking and sustaining below 11360 we can see a test of 11340 - 11330 initially and breaking and sustaining below it we can see a further correction till 11310 - 11285 . 


Nifty Spot Levels for the day are

Long above 11410 for 11425 - 11445 - 11490 , SL 11380

Short below 11365 for 11350 - 11330 - 11285 , SL 11395

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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.