Tuesday 30 July 2019

Nifty Spot Outlook for 31st Jul

NIFTY


In the previous session Nifty spot opened at 11213.70,  made a high of 11267.45, made a low of 11072.65  before closing at 11085.40


Had mentioned that long trade will get triggered for the day on sustaining above 11215 and short trade will get triggered for the day on sustaining below 11165. Nifty initially triggered our long trade and completed 2 targets giving 50+ points and took our TSL. Nifty then reversed to trigger our short trade and completed all our targets giving 75+ points from the short trade too.

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11355 and then enter for a initial target of 11430 - 11450 and look to hold further only on sustaining or getting a close above 11450 for the next targets of 11515 - 11585. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11215 and then enter for a initial target of 11140 - 11120 and look to hold further only on sustaining or getting a close below 11120 for the next targets of 11055 - 10985. 


Nifty had triggered our weekly short trade in the previous session and today nearly tested our next target zone of 11055 - 10985 with a low of 11072.65. Now in the coming session unless Nifty is able to break above 11120 - 11140 zone and give a strong close , we can expect selling pressure to test our next targets of 11055 - 10985. 


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 shorts and completed all our short targets and exceeded it with a low of 11072.65


Now on the downside Nifty has immediate support near 11040 - 11020 and it needs to hold these levels on closing basis for any bounce to come as closing strongly below it we can expect further correction. 




Now in the coming session Nifty needs to break and sustain above 11105 to test 11130 - 11135 initially and sustaining above it we can see a further upmove till 11155 - 11175. Similarly breaking and sustaining below 11065 we can see a test of 11040 - 11035 initially and breaking and sustaining below it we can see a further correction till 11015 - 10995.


Nifty Spot Levels for the day are

Long above 11105 for 11120 - 11135 - 11175 , SL 11090

Short below 11065 for 11050 - 11035 - 10995 , SL 11080


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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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