Nifty Spot Outlook for 03rd Jul

NIFTY

In the previous session Nifty spot opened at 11890.30  made a low of 11814.70 , made a high of 11917.45,  before closing at 11910.30

Had mentioned that long trade will get triggered for the day on sustaining above 11895 and short trade will get triggered for the day on sustaining below 11835. Nifty triggered our short trade and completed just 1 target and took our TSL. It then reversed and triggered our long trade and again did only 1 target for the day.  

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11860 and then enter for a initial target of 11935 - 11955 and look to hold further only on sustaining or getting a close above 11955 for the next targets of 12020 - 12090. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11715 and then enter for a initial target of 11640 - 11620 and look to hold further only on sustaining or getting a close below 11620 for the next targets of 11555 - 11485.

As mentioned in the previous post " Nifty has today confirmed its weekly longs and sustaining above 11860 in the coming sessions we can see a test of 11935 - 11955 initially. Those who have entered longs today should keep a trailing cbsl of 11810 for the coming session.", Nifty today held our cbsl of 11810 and bounced back smartly .

For the month of July , longs will get confirmed in Nifty with a consecutive close above 11940 for a initial target of 12095 - 12135 and sustaining / closing above it we can see a further move till 12270 - 12420 .  Similarly shorts will get confirmed with a consecutive close below 11640 for  a initial target of 11480 - 11440 and sustaining / closing below it we can see a further move till 11305 - 11155 .

Now on the downside Nifty has immediate support near 11670 - 11640 and it needs to hold this levels on closing basis in the month of July on a correction for a bounce .

Now in the coming session Nifty needs to break and sustain above 11940 to test 11970 - 11975 initially and sustaining above it we can see a further upmove till 12005 - 12030. Similarly breaking and sustaining below 11880 we can see a test of 11850 - 11845 initially and breaking and sustaining below it we can see a further correction till 11815 - 11790

Nifty Spot Levels for the day are

Long above 11940 for 11955 - 11975 - 12030 , SL 11920

Short below 11880 for 11865 - 11845 - 11790 , SL 11900

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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.