Thursday, 29 August 2019

Nifty Spot Outlook for 30th Aug

NIFTY


In the previous session Nifty spot opened at 10996.05, made a low of 10922.20, then made a high of 11021.10,  before closing at 10948.30


Had mentioned that long trade will get triggered for the day on sustaining above 11090 and short trade will get triggered for the day on sustaining below 11005. Nifty triggered our short trade and completed 2 targets .  


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. 

&

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 had triggered our long trade for the week and completed our initial targets . Now it has to sustain / close above 11070 to expect Nifty 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 " , and Nifty confirmed our monthly short trade and made a low of 10637.15 reaching our last target zone .


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 10995 to test 11040 - 11050 initially and sustaining above it we can see a further upmove till 11090 - 11135. Similarly breaking and sustaining below 10905 we can see a test of 10855 - 10845 initially and breaking and sustaining below it we can see a further correction till 10810 - 10765.


Nifty Spot Levels for the day are

Long above 10995 for 11020 - 11050 - 11135 , SL 11960

Short below 10905 for 10875 - 10845 - 10765 , SL 10935


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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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