Tuesday, 7 August 2018

Nifty Spot Outlook for 08th Aug

NIFTY


In the previous session Nifty spot opened at 11423.15 , made a new life time high of 11428.95 , then made a low of 11359.70 ,   before closing at 11389.45

Had mentioned that long trade will get triggered for the day on sustaining above 11410 and short trade will get triggered for the day on sustaining below 11365. Nifty triggered our long trade initially and did just 15 points . Later on Nifty also triggered our short trade but could not complete any targets.

As mentioned before " 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 . " , Nifty has been taking resistance near 11425 - 11435 in the past few sessions and it needs to break above it in the coming session to move towards 11490 - 11510 and if it is unable to break and sustain above it then we can see some pull back till 11295 - 11235 initially

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 11428.95 and if it does not break and sustain above 11435 then again a pulled back till 11295 - 11235 can be seen .

Now in the coming session Nifty needs to break and sustain above 11415 to test 11440 - 11445 initially and sustaining above it we can see a further upmove till 11465 - 11490. Similarly breaking and sustaining below 11365 we can see a test of 11340 - 11335 initially and breaking and sustaining below it we can see a further correction till 11315 - 11290 . 


Nifty Spot Levels for the day are

Long above 11415 for 11430 - 11445 - 11490 , SL 11380

Short below 11365 for 11350 - 11335 - 11290 , 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.