Nifty Spot Outlook for 09th Aug

NIFTY

In the previous session Nifty spot opened at 11412.50 made a low of 11379.30, then made a new life time high of 11459.95 ,   before closing at 11450

Had mentioned that long trade will get triggered for the day on sustaining above 11415 and short trade will get triggered for the day on sustaining below 11365. Nifty triggered our long trade and did just 45 points . 

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 finally broke above the resistance near 11425 - 11435 and closed at 11450 . Sustaining above 11425 in the coming session we can see a move till 11490 - 11510 initially where we have the next resistance . 

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 today given a close at 11450 above the resistance zone . Now we need Nifty to sustain and give a consecutive close above 11435 to expect a test of 11520 - 11540 where we have immediate resistance . 

Now in the coming session Nifty needs to break and sustain above 11475 to test 11500 - 11505 initially and sustaining above it we can see a further upmove till 11530 - 11550. Similarly breaking and sustaining below 11425 we can see a test of 11400 - 11395 initially and breaking and sustaining below it we can see a further correction till 11375 - 11350. 

Nifty Spot Levels for the day are

Long above 11475 for 11490 - 11505 - 11550 , SL 11445

Short below 11425 for 11410 - 11395 - 11350 , SL 11460

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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.