Monday, 22 July 2019

Nifty Spot Outlook for 23rd Jul

NIFTY


In the previous session Nifty spot opened at 11392.85  made a high of 11398.15, made a low of 11301.25  before closing at 11346.20


Had mentioned that long trade will get triggered for the day on sustaining above 11450 and short trade will get triggered for the day on sustaining below 11390. Nifty initially triggered our short trade and completed all targets giving 90 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. 

&

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. 

Nifty took support near 11305 - 11340 zone as expected and closed above 11340 without confirming our weekly shorts.



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 11301.25 and tested our next short targets of 11305 - 11155 . 

As mentioned in the previous post " 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 ." , and today Nifty took support near the zone of 11340 - 11305 and holding the same we can see a bounce towards 11440 - 11480 zone. 



Now in the coming session Nifty needs to break and sustain above 11380 to test 11410 - 11420 initially and sustaining above it we can see a further upmove till 11445 - 11475. Similarly breaking and sustaining below 11315 we can see a test of 11285 - 11275 initially and breaking and sustaining below it we can see a further correction till 11250 - 11220.


Nifty Spot Levels for the day are

Long above 11380 for 11395 - 11420 - 11475 , SL 11355

Short below 11315 for 11295 - 11275 - 11220 , SL 11340


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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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