Nifty Spot Outlook for 22nd Jul

NIFTY

In the previous session Nifty spot opened at 11627.95  made a high of 11640.35, made a low of 11399.30  before closing at 11419.25

Had mentioned that long trade will get triggered for the day on sustaining above 11635 and short trade will get triggered for the day on sustaining below 11560. Nifty initially triggered our long trade and took our stoploss . It then triggered our short trade and completed all targets giving 125+ points.

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11500 and then enter for a initial target of 11585 - 11605 and look to hold further only on sustaining or getting a close above 11605 for the next targets of 11675 - 11755. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11340 and then enter for a initial target of 11255 - 11235 and look to hold further only on sustaining or getting a close below 11235 for the next targets of 11165 - 11085. 

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 11399.30 and completed our initial short targets of 11480 - 11440 . Now Nifty has immediate support at 11340 - 11305 zone and it needs to hold it for any bounce to be expected else the correction can head towards 11235 - 11155 further . Nifty has immediate resistance now at 11550.

Now in the coming session Nifty needs to break and sustain above 11450 to test 11480 - 11490 initially and sustaining above it we can see a further upmove till 11515 - 11545. Similarly breaking and sustaining below 11390 we can see a test of 11360 - 11350 initially and breaking and sustaining below it we can see a further correction till 11325 - 11295.

Nifty Spot Levels for the day are

Long above 11450 for 11470 - 11490 - 11545 , SL 11425

Short below 11390 for 11370 - 11350 - 11295 , SL 11410

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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.