Tuesday, 4 September 2018

Nifty Spot Outlook for 05th Sep

NIFTY


In the previous session Nifty spot opened at 11598.75 , made a high of 11602.55 then made a low of 11496.85,  before closing at 11520.30

Had mentioned that long trade will get triggered for the day on sustaining above 11605 and short trade will get triggered for the day on sustaining below 11560. Nifty triggered our short trade and did 60 points after taking resistance near our long trigger.

As mentioned " In this week Nifty needs to break and sustain / close above 11735 to test 11795 - 11805 initially and above it we can see a test of 11855 - 11910 . Similarly Nifty needs to break and sustain / close below 11625 to test 11570 - 11535 initially and below it we can see a test of 11505 - 11450 ." , Nifty had triggered our weekly short trade on Monday and today tested our next targets of 11505 - 11450 . Those who are holding shorts should trail their cbsl to 11595 now and look to book once near 11475 - 11450 . Those who are looking to hold shorts further should do so only on getting a close below 11420 and also trail their stoploss further to 11500 . 
 
Also as mentioned " For the month of September ,Nifty longs will get confirmed with a consecutive close above 11795 for a initial target of 11915 - 11940 and sustaining / closing above it we can see a further test of 12045 - 12155 . Similarly , shorts will get confirmed with a consecutive close below  11565 for a initial target of 11450 - 11420 and sustaining / closing below it we can see a further move till 11320 - 11205 . " , and today Nifty has given a close below 11565 and on getting a consecutive close we can look to hold shorts for the initial targets of 11450 - 11420. 

Now in the coming session Nifty needs to break and sustain above 11545 to test 11570 - 11575 initially and sustaining above it we can see a further upmove till 11600 - 11625. Similarly breaking and sustaining below 11495 we can see a test of 11470 - 11465 initially and breaking and sustaining below it we can see a further correction till 11445 - 11420 . 


Nifty Spot Levels for the day are

Long above 11545 for 11560 - 11575 - 11625 , SL 11510

Short below 11495 for 11480 - 11465 - 11420 , SL 11530

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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.