Tuesday, 10 September 2019

Nifty Spot Outlook for 11th Sep

NIFTY


In the previous session Nifty spot opened at 10936.70, made a low of 10889.80, made a high of 11028.85,  before closing at 11003.05.


Had mentioned that long trade will get triggered for the day on sustaining above 10995 and short trade will get triggered for the day on sustaining below 10900. Nifty initially triggered our short trade and reversed to take our stoploss without completing any target. Nifty then  triggered our long trade and completed just 1 target before closing marginally above 11000 levels 


For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11070 and then enter for a initial target of 11200 - 11235 and look to hold further only on sustaining or getting a close above 11235 for the next targets of 11345 - 11470. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 10825 and then enter for a initial target of 10690 - 10660 and look to hold further only on sustaining or getting a close below 10660 for the next targets of 10545 - 10425.



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 .


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. 


Now in the coming session Nifty needs to break and sustain above 11040 test 11080 - 11090 initially and sustaining above it we can see a further upmove till 11125 - 11165. Similarly breaking and sustaining below 10965 we can see a test of 10925 - 10915 initially and breaking and sustaining below it we can see a further correction till 10880 - 10845.


Nifty Spot Levels for the day are

Long above 11040 for 11065 - 11090 - 11165 , SL 11015

Short below 10965 for 10940 - 10915 - 10845 , SL 10990


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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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