Nifty Spot Outlook for 02nd August

NIFTY

Nifty spot opened  at 8654.30,  made a high of 8711.30 , went down till 8590.50 before closing at 8636.55 . We had mentioned that long positions can be taken above 8656 and short positions can be taken below 8621 for the day . Nifty triggered our long trade and completed nearly all 3 targets missing our last target by just 1.70 points giving us nearly 50 points from the long trade . Then later on Nifty triggered our short trade and completed 2 targets giving us around 25 points .Overall  good opportunities were there for swing traders. Nifty has given a third close today within our current resistance zone of 8630 - 8660 and this too now after breaking above 8685 to test nearly the next resistance of 8714 - 8734 today beyond which we can expect upto 8836 . Had mentioned yestereday  'We may see a correction till 8575 - 8556 levels possibly this week before moving up further. The correciton can get extended till 8488 - 8442 once Nifty sustains below 8542'  and this scenario is still open till we get a close above 8735 spot. 

Trend reversal in Nifty for this series would be consecutive closing below 8542 and trend continuation would be on consecutive close above 8735 spot . 

For today if Nifty spot sustains above 8656 we can see a initial move upto  8675 & on sustaining above 8679 we may see further upmove till 8713. Similarly if Nifty spot sustains below 8621 we may see a initial move on the downside upto 8602 & on sustaining below 8598 we may see a further downmove till 8564

Nifty Spot Levels for the day are

Long above 8654 for 8665 - 8678 - 8711 , SL 8631

Short below 8619 for 8608 - 8595 - 8562 , SL 8642

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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.