Nifty Spot Outlook for 07th Sep

NIFTY

In the previous session Nifty spot opened at 11514.15 , made a low of 11436.05 then made a high of 11562.25,  before closing at 11536.90

Had mentioned that long trade will get triggered for the day on sustaining above 11500 and short trade will get triggered for the day on sustaining below 11450. Nifty triggered our short trade but did not sustain and took our stoploss . Nifty triggered our long trade and did 60 points after the initial whipsaw . 

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 .Now Nifty needs to hold 11450 in the coming sessions for a move back till 11535 - 11570 ." , and Nifty today holding 11450 made a high of 11562.25 completing our target of 11535 - 11570 after previously giving 200 points from the weekly short trade .

 

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 Nifty has completed our initial targets of 11450 - 11420 after confirming our monthly short trade giving 145 points till now . Now Nifty needs to sustain / close below 11420 for the next move till 11320 - 11205 and sustaining / closing above 11535 - 11570 we can see a move back till 11625 - 11650  . 

Now in the coming session Nifty needs to break and sustain above 11565 to test 11590 - 11595 initially and sustaining above it we can see a further upmove till 11620 - 11645. Similarly breaking and sustaining below 11510 we can see a test of 11485 - 11475 initially and breaking and sustaining below it we can see a further correction till 11455 - 11430. 

Nifty Spot Levels for the day are

Long above 11565 for 11580 - 11595 - 11645 , SL 11530

Short below 11510 for 11495 - 11475 - 11430 , SL 11545

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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.