Nifty Spot Outlook for 24th Jul

NIFTY

In the previous session Nifty spot opened at 11372.25  made a high of 11398.15, made a low of 11302.80  before closing at 11331.05

Had mentioned that long trade will get triggered for the day on sustaining above 11380 and short trade will get triggered for the day on sustaining below 11315. Nifty initially triggered our long trade and did just 1 target and took our TSL. It then triggered our short trade but did not complete any target  .Nifty indicated indecisiveness today and as long as its unable to sustain below 11300 we can expect to see a small bounce in the coming sessions. 

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. 

Nifty has been taking support near 11305 - 11340 zone as expected and today has closed marginally below 11340 confirming our weekly shorts. Those who have entered shorts should keep a stoploss of 11395 for their positions or look to exit if its unable to stay below 11305 on a dip. 

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 again 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 11360 to test 11390 - 11400 initially and sustaining above it we can see a further upmove till 11430 - 11460. Similarly breaking and sustaining below 11300 we can see a test of 11270 - 11260 initially and breaking and sustaining below it we can see a further correction till 11235 - 11205.

Nifty Spot Levels for the day are

Long above 11360 for 11380 - 11400 - 11460 , SL 11340

Short below 11300 for 11285 - 11260 - 11205 , SL 11320

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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.