Nifty Spot Outlook for 27th Aug

NIFTY

In the previous session Nifty spot opened at 11000.30, made a low of 10756.55, then made a high of 11070.30,  before closing at 11057.85

Had mentioned that long trade will get triggered for the day on sustaining above 10870 and short trade will get triggered for the day on sustaining below 10790. Nifty opened with a big gap up and then triggered our short trade and completed just 1 target and took our TSL.  Nifty then bounced back and again triggered our long trade and completed all targets giving 150+ points in a highly volatile day. We were expecting a positive move after the government announcements. 

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 10935 and then enter for a initial target of 11045 - 11070 and look to hold further only on sustaining or getting a close above 11070 for the next targets of 11165 - 11270. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 10725 and then enter for a initial target of 10615 - 10590 and look to hold further only on sustaining or getting a close below 10590 for the next targets of 10495 - 10390. 

Nifty triggered our long trade for the week and completed our initial targets . Now in the coming sessions Nifty needs to sustain above 11070 to move towards our next targets.

Had mentioned at the start of the month that "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 " .

Had mentioned in the previous post " Nifty had confirmed our short trade for the month and has now made a low of 10637.15 reaching our last target zone of 10690 - 10560 . Now for a further correction Nifty needs to close below 10685 and as long as its held we can expect a bounce now towards 11000 levels again ." , and today we saw Nifty cross 11000 levels and also close above it.

Now on the upside Nifty has immediate resistance near 11200 - 11250 in the coming sessions and on getting a consecutive close above 11250 we can see a further upmove 11390 - 11425  . 

Now in the coming session Nifty needs to break and sustain above 11110 to test 11160 - 11175 initially and sustaining above it we can see a further upmove till 11220 - 11270. Similarly breaking and sustaining below 11005 we can see a test of 10955 - 10945 initially and breaking and sustaining below it we can see a further correction till 10900 - 10850.

Nifty Spot Levels for the day are

Long above 11110 for 11140 - 11175 - 11270 , SL 11075

Short below 11005 for 10975 - 10945 - 10850 , SL 11045

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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.