Sunday, 4 August 2019

Nifty Spot Outlook for 05th Aug

NIFTY


In the previous session Nifty spot opened at 10930.30,  made a low of 10848.95, made a high of 11080.15  before closing at 10997.35


Had mentioned that long trade will get triggered for the day on sustaining above 11000 and short trade will get triggered for the day on sustaining below 10960. Nifty initially triggered our short trade and completed all targets and exceeded it giving 100+ points . It then reversed to trigger our long trade and again completed all long targets giving 70 points. 


For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11060 and then enter for a initial target of 11120 - 11135 and look to hold further only on sustaining or getting a close above 11135 for the next targets of 11190 - 11250. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 10935 and then enter for a initial target of 10875 - 10860 and look to hold further only on sustaining or getting a close below 10860 for the next targets of 10805 - 10745. 




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 yet to give a consecutive close below 10985 to confirm our monthly shorts and has been hovering around it .

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 on the upside Nifty has immediate resistance near 11200 - 11250 on sustaining above 11055 in the coming sessions  . On the downside Nifty has immediate support at 10845 - 10810 and only closing below 10810 we can see further correction .


Now in the coming session Nifty needs to break and sustain above 11020 to test 11045 - 11050 initially and sustaining above it we can see a further upmove till 11070 - 11095. Similarly breaking and sustaining below 10975 we can see a test of 10950 - 10945 initially and breaking and sustaining below it we can see a further correction till 10925 - 10900.


Nifty Spot Levels for the day are

Long above 11020 for 11035 - 11050 - 11095 , SL 11005

Short below 10975 for 10960 - 10945 - 10900 , SL 10990


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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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