Thursday, 1 August 2019

Nifty Spot Outlook for 02nd Aug

NIFTY


In the previous session Nifty spot opened at 11060.20,  made a high of 11076.75, made a low of 10881.00  before closing at 10980.00


Had mentioned that long trade will get triggered for the day on sustaining above 11145 and short trade will get triggered for the day on sustaining below 11090. Nifty initially triggered our short trade and completed all targets and exceeded it giving nearly 200 points . 

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 completed all our weekly short targets and exceeded it giving nearly 325+ points from the weekly short trade . 


For the month of August , longs will get confirmed in Nifty with a consecutive close above 11250 for a initial target of 11390 - 11425 and sustaining / closing above it we can see a further move till 11545 - 11675 .  Similarly shorts will get confirmed with a consecutive close below 10985 for  a initial target of 10845 - 10810 and sustaining / closing below it we can see a further move till 10690 - 10560 .

Nifty has given a close marginally below 10985 today and we need to get a consecutive close well below it to initiate fresh short positions .

Nifty has closed below its immediate support zone of  11035 - 10985 and it needs to strongly recover above 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 11000 to test 11025 - 11030 initially and sustaining above it we can see a further upmove till 11050 - 11070. Similarly breaking and sustaining below 10960 we can see a test of 10935 - 10930 initially and breaking and sustaining below it we can see a further correction till 10910 - 10890.


Nifty Spot Levels for the day are

Long above 11000 for 11015 - 11030 - 11070 , SL 10985

Short below 10960 for 10945 - 10930 - 10890 , SL 10975


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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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