Wednesday, 7 August 2019

Nifty Spot Outlook for 08th Aug

NIFTY


In the previous session Nifty spot opened at 10958.10, made a high of 10975.65, then made a low of 10835.90,   before closing at 10855.50


Had mentioned that long trade will get triggered for the day on sustaining above 10980 and short trade will get triggered for the day on sustaining below 10915. Nifty triggered our short trade and nearly completed all daily targets giving 75+ 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. 

Nifty had triggered our weekly short trade and nearly completed all our short targets testing our last target zone of 10805 - 10745 with a low of 10782.60 in the previous sessions giving a good exit. Now sustaining below 10860 it can move towards 10805 - 10745 zone again .  


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 completed our initial short target with a low of 10782.60 and then managed to bounce back smartly as expected. Now for a further correction Nifty has to give a close below 10810 and holding the same on closing basis in the coming sessions we can again see a pullback bounce to test its initial resistance near 10985 - 11055.


Now on the upside Nifty has immediate resistance near 10985 - 11055 initially and above it next resistance at 11200 - 11250  . 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 10885 to test 10915 - 10925 initially and sustaining above it we can see a further upmove till 10955 - 10985. Similarly breaking and sustaining below 10825 we can see a test of 10795 - 10785 initially and breaking and sustaining below it we can see a further correction till 10760 - 10730.


Nifty Spot Levels for the day are

Long above 10885 for 10905 - 10925 - 10985 , SL 10865

Short below 10825 for 10805 - 10785 - 10730, SL 10845


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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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