Tuesday, 2 August 2016

Nifty Spot Outlook for 03rd August

NIFTY


Nifty spot opened  at 8647.45,  made a high of 8687.20 , went down till 8611.40 before closing at 8622.90 . We had mentioned that long positions can be taken above 8654 and short positions can be taken below 8619 for the day . Nifty initially triggered our long trade and completed 2 targets before taking our TSL and then triggered our short trade but was not able to complete even 1 target . Tomorrow is the final call on GST and once its done with officially we should most probably see a clear direction in Nifty . Nifty has been breaking above the immediate resistance of 8630 - 8660 regularly but has not been able to get a consecutive close above it so far . We have the next resistance near 8714 - 8734 and beyond it we can expect a test of 8336. We have immediate supports at 8556 - 8575 levels and if Nifty breaks and sustains below 8542 then we can test 8448 - 8442 levels too . 

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 8640 we can see a initial move upto  8659 & on sustaining above 8664 we may see further upmove till 8697. Similarly if Nifty spot sustains below 8605 we may see a initial move on the downside upto 8587 & on sustaining below 8582 we may see a further downmove till 8549


Nifty Spot Levels for the day are

Long above 8640 for 8651 - 8664 - 8697 , SL 8618

Short below 8605 for 8595 - 8582 - 8549 , SL 8628


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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.