Nifty Spot Outlook for 10th Aug

NIFTY

In the previous session Nifty spot opened at 11493.25 made a new lifetime high of 11495.20, then made a low of 11454.10,   before closing at 11470.70

Had mentioned that long trade will get triggered for the day on sustaining above 11475 and short trade will get triggered for the day on sustaining below 11425. Nifty triggered our long trade and did just 20 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 triggered our weekly longs and made a high of 11495.20 completing our initial targets of 11490 - 11510 . Now in the coming sessions Nifty needs to break and sustain above 11490 - 11510 to test 11565 - 11630 levels and being unable to do so we can see a test of 11425 - 11400 .  

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 . " , and Nifty confirmed our monthly longs and is now approaching its initial targets and also resistance zone of 11520 - 11540 . Those who are holding longs should book partially near 11500 - 11520 .

Now in the coming session Nifty needs to break and sustain above 11495 to test 11515 - 11520 initially and sustaining above it we can see a further upmove till 11540 - 11560. Similarly breaking and sustaining below 11450 we can see a test of 11425 - 11420 initially and breaking and sustaining below it we can see a further correction till 11400 - 11380. 

Nifty Spot Levels for the day are

Long above 11495 for 11505 - 11520 - 11560 , SL 11465

Short below 11450 for 11435 - 11420 - 11380 , SL 11480

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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.