Tuesday, 3 September 2019

Nifty Spot Outlook for 04th Sep

NIFTY


In the previous session Nifty spot opened at 10960.95, made a high of 10967.50, then made a low of 10772.70,  before closing at 10797.90


Had mentioned that long trade will get triggered for the day on sustaining above 11070 and short trade will get triggered for the day on sustaining below 10975. Nifty triggered our short trade and completed all targets giving 150+ points. 


As mentioned in the previous post ,

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11145 and then enter for a initial target of 11270 - 11300 and look to hold further only on sustaining or getting a close above 11300 for the next targets of 11410 - 11530. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 10905 and then enter for a initial target of 10775 - 10745 and look to hold further only on sustaining or getting a close below 10745 for the next targets of 10635 - 10520. 

Today Nifty triggered our weekly short trade and reached our initial targets with a low of 10772.70. Those who are holding shorts should now keep a trailing cbsl of 10830 and look to book incase Nifty fails to sustain below 10745 in the coming sessions. Sustaining / closing below 10745 we can see further correction towards our next targets.


For the month of September , longs will get confirmed in Nifty with a consecutive close above 11270 for a initial target of 11530 - 11600 and sustaining / closing above 11600 we can see a further move till 11825 - 12070 .  Similarly shorts will get confirmed with a consecutive close below 10775 for  a initial target of 10515 - 10450 and sustaining / closing below 10450 we can see a further move till 10225 - 9975 . 


Now on the upside Nifty has immediate resistance near 11170 - 11270 in the coming sessions and only on getting a consecutive close above 11270 we can see a further upmove .


As mentioned in the previous post " On the downside Nifty has immediate support near 10870 - 10775 in the coming sessions and on getting a consecutive close below 10775 we can see the correction resume to break the lows made in August." , today Nifty tested our support zone and managed to close within it but closer to the lower end . Being able to sustain above 10775 will be crucial for a bounce.


Now in the coming session Nifty needs to break and sustain above 10850 test 10905 - 10920 initially and sustaining above it we can see a further upmove till 10965 - 11015. Similarly breaking and sustaining below 10745 we can see a test of 10690 - 10675 initially and breaking and sustaining below it we can see a further correction till 10630 - 10580.


Nifty Spot Levels for the day are

Long above 10850 for 10880 - 10920 - 11015 , SL 10815

Short below 10745 for 10715 - 10675 - 10580 , SL 10780


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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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