Nifty Spot Outlook for 30th Aug

NIFTY

In the previous session Nifty spot opened at 11744.95, made a high of 11753.20, then made a low of 11678.85   before closing at 11691.90

Had mentioned that long trade will get triggered for the day on sustaining above 11760 and short trade will get triggered for the day on sustaining below 11715. Nifty triggered our short trade and did 30 points .  

Had mentioned " In this week Nifty needs to break and sustain / close above 11615 to test 11680 - 11695 initially and above it we can see a test of 11750 - 11810 . Similarly Nifty needs to break and sustain / close below 11495 to test 11435 - 11420 initially and below it we can see a test of 11365 - 11305 ." , and Nifty triggered our weekly longs and made a high of 11760.20 reaching our last target range of 11750 - 11810 . Also as mentioned in the previous post " Nifty needs to continue holding above 11695 in the coming sessions to retest 11750 - 11810 . Nifty has immediate support near 11680 - 11695 and it needs to break and sustain below it to test 11635 - 11615." , and today Nifty tested its support at 11680 - 11695. Nifty needs to hold 11680 to bounce back in the coming session else we might see a test of 11635 - 11615 . 

 

Had mentioned previously " 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 has made a high of 11760.20 surpassing our last target by 70 points . Now it has immediate support at 11610 for this month.

Now in the coming session Nifty needs to break and sustain above 11715 to test 11740 - 11745 initially and sustaining above it we can see a further upmove till 11765 - 11790. Similarly breaking and sustaining below 11670 we can see a test of 11645 - 11640 initially and breaking and sustaining below it we can see a further correction till 11615 - 11595 . 

Nifty Spot Levels for the day are

Long above 11715 for 11730 - 11745 - 11790 , SL 11685

Short below 11670 for 11655 - 11640 - 11595 , SL 11700

Expected Expiry Range  

Upper End - 11768

Lower End - 11616

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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.