Thursday, 25 July 2019

Nifty Spot Outlook for 26th Jul

NIFTY


In the previous session Nifty spot opened at 11290.40,  made a high of 11361.40, made a low of 11239.35  before closing at 11252.15


Had mentioned that long trade will get triggered for the day on sustaining above 11300 and short trade will get triggered for the day on sustaining below 11245. Nifty initially triggered our long trade and nearly completed all targets giving 60 points. Nifty then reversed and triggered our short trade but could not complete any target.  


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 triggered our weekly short trade and completed our initial targets of 11255 - 11235 with a weekly low of 11229.80 giving a good exit  . Now it needs to sustain or close below 11235 in the coming session for the next targets . Also as mentioned in the previous post "Holding above 11235 we can see a bounce towards 11340 - 11370. ", we saw it happen today and reverse.


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 had confirmed our monthly short trade and made a low of 11229.80 nearly completing all our short targets below 11640 . 

Now Nifty has immediate support at 11235 - 11205 zone and it needs to hold it for any bounce to be expected in the coming sessions. 



Now in the coming session Nifty needs to break and sustain above 11280 to test 11305 - 11315 initially and sustaining above it we can see a further upmove till 11340 - 11365. Similarly breaking and sustaining below 11225 we can see a test of 11200 - 11190 initially and breaking and sustaining below it we can see a further correction till 11165 - 11140.


Nifty Spot Levels for the day are

Long above 11280 for 11295 - 11315 - 11365 , SL 11260

Short below 11225 for 11210 - 11190 - 11140 , SL 11245


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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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