Wednesday, 4 September 2019

Nifty Spot Outlook for 05th Sep

NIFTY


In the previous session Nifty spot opened at 10790.40, made a low of 10746.35, then made a high of 10858.75,  before closing at 10844.65.


Had mentioned that long trade will get triggered for the day on sustaining above 10850 and short trade will get triggered for the day on sustaining below 10745. Nifty traded the entire day between our long and short trigger levels and then triggered our long trade in the last half an hour but could not complete any targets.


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. 

Nifty had triggered our weekly short trade in the previous sessions and today completed our initial targets with a low of 10746.35 giving us a good exit on the short trade with 150 points . Fresh shorts can be entered if Nifty fails to sustain / close above 10985 in the coming session.


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." , and today again Nifty broke below the lower end of  our support zone but could not sustain below it and bounced . 


Now in the coming session Nifty needs to break and sustain above 10895 test 10950 - 10965 initially and sustaining above it we can see a further upmove till 11010 - 11065. Similarly breaking and sustaining below 10795 we can see a test of 10740 - 10725 initially and breaking and sustaining below it we can see a further correction till 10680 - 10630.


Nifty Spot Levels for the day are

Long above 10895 for 10930 - 10965 - 11065 , SL 10860

Short below 10795 for 10760 - 10725 - 10630 , SL 10830


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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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