Monday, 15 July 2019

Nifty Spot Outlook for 16th Jul

NIFTY


In the previous session Nifty spot opened at 11614.75  made a high of 11618.40, made a low of 11532.30,  before closing at 11588.35


Had mentioned that long trade will get triggered for the day on sustaining above 11590 and short trade will get triggered for the day on sustaining below 11515. Nifty initially triggered our long trade and completed just 1 target and took our TSL . 

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11650 and then enter for a initial target of 11755 - 11780 and look to hold further only on sustaining or getting a close above 11780 for the next targets of 11865 - 11965. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11455 and then enter for a initial target of 11350 - 11325 and look to hold further only on sustaining or getting a close below 11325 for the next targets of 11240 - 11140.


Nifty needs to break beyond the trading range of 11455 - 11650 this week for a bigger move .

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 .



Nifty made a low of 11461 and completed our initial short targets of 11480 - 11440 below 11640 for the month giving a good exit . Now for a further correction Nifty has to close below 11440 . Nifty has immediate resistance now at 11670 for the bounce. 




Now in the coming session Nifty needs to break and sustain above 11625 to test 11665 - 11675 initially and sustaining above it we can see a further upmove till 11705 - 11745. Similarly breaking and sustaining below 11550 we can see a test of 11515 - 11505 initially and breaking and sustaining below it we can see a further correction till 11470 - 11435.


Nifty Spot Levels for the day are

Long above 11625 for 11650 - 11675 - 11745 , SL 11600

Short below 11550 for 11530 - 11505 - 11435 , SL 11580


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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.

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