Wednesday, 15 August 2018

Nifty Spot Outlook for 16th Aug

NIFTY


In the previous session Nifty spot opened at 11381.70 made a low of 11370.80 , then made a high of 11452.40,   before closing at 11435.10

Had mentioned that long trade will get triggered for the day on sustaining above 11380 and short trade will get triggered for the day on sustaining below 11330. Nifty triggered our long trade and did 70 points . 

As mentioned in the previous post " 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 ." , and Nifty bounced back to sustain above 11370 and made a high of 11452.40 . 

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 made a high of 11495.20 near the recommended exit zone of 11500 - 11520 and reversed to take our positional stoploss at 11380 as mentioned in the weekly post . Nifty then took the small support near 11330 - 11320 and bounced back to close at 11435 once again . Now in the coming session Nifty has resistance near 11490 - 11510 and being unable to break above it we can see it again move back to test 11330 - 11310 levels .

Now in the coming session Nifty needs to break and sustain above 11460 to test 11490 - 11495 initially and sustaining above it we can see a further upmove till 11520 - 11545. Similarly breaking and sustaining below 11410 we can see a test of 11380 - 11375 initially and breaking and sustaining below it we can see a further correction till 11350 - 11325. 


Nifty Spot Levels for the day are

Long above 11460 for 11475 - 11495 - 11545 , SL 11425

Short below 11410 for 11395 - 11375 - 11325 , SL 11445

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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.