Nifty Spot Outlook for 13th Aug

NIFTY

In the previous session Nifty spot opened at 11474.95 made a  high of 11478.75 , then made a low of 11419.65,   before closing at 11429.50

Had mentioned that long trade will get triggered for the day on sustaining above 11495 and short trade will get triggered for the day on sustaining below 11450. Nifty triggered our short trade and did  30 points . 

In this week Nifty needs to break and sustain / close above 11490 to test 11550 - 11570 initially and above it we can see a test of 11620 - 11680 . Similarly Nifty needs to break and sustain / close below 11370 to test 11310 - 11290 initially and below it we can see a test of 11235 - 11180 .   

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 11455 to test 11475 - 11480 initially and sustaining above it we can see a further upmove till 11505 - 11525. Similarly breaking and sustaining below 11405 we can see a test of 11385 - 11375 initially and breaking and sustaining below it we can see a further correction till 11355 - 11335. 

Nifty Spot Levels for the day are

Long above 11455 for 11465 - 11480 - 11525 , SL 11425

Short below 11405 for 11395 - 11375 - 11335 , SL 11435

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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.