Monday, 10 July 2017

Nifty Spot Outlook for 11th Jul

NIFTY


Nifty spot opened at 9719.30 , made a low of 9646.45 and then made a new life time high of 9782.15 before closing at 9771.05 which is a new record high closing .

Had mentioned that long positions for the day can be taken above 9682 and short positions for the day can be taken below 9650 . Nifty triggered our short trade but immediately reversed without completing any target . It triggered our long trade and completed all our daily targets . Nifty also triggered our weekly long trade and completed 4 long targets for the week . It was day of technical glitches on the NSE with the index restarting a couple of times and prices not updating for a major part of the day , but inspite of all the chaos we saw Nifty make a new lifetime high and also give a record high closing .


As mentioned previously " We can expect a bigger move once Nifty spot breaks and sustains beyond the range of 9440 - 9600 in the coming sessions ."  and Nifty has now given a 170 point move on breaking and sustaining above 9600 this month. Also as mentioned in the previous posts " Nifty now needs to break and sustain / close above 9655 to make a move towards the all time high with a small resistance near  9680 - 9700 levels ." , and today we saw Nifty give a 70+ point move after sustaining above 9700 levels post opening . Had also mentioned " Nifty has been closing above 9655 and holding the same we can expect Nifty to retest the resistance again and move above it to make a new high . Nifty now needs to break and sustain above 9710 to test 9750 - 9770 levels initially and above it we can see a test of 9830 - 9850 levels . Similarly now breaking and sustaining / closing below 9625 we can see a test again of 9580 - 9570 initially and below it we can see a test of 9510 - 9490 levels " , and today we saw Nifty make a high of 9772.20 and close slightly below 9770 . In the coming sessions Nifty now needs to sustain above 9750 - 9770 levels to move towards 9830 - 9850 next .  The geo-political scenario needs to watched as there are a few things which can derail the upmove . Those who are holding longs should now move up their trailing cbsl to 9710 .


For today if Nifty spot sustains above 9787 we can see a initial move on the upside till 9804 & on sustaining above 9808 we may see further move till 9840.  Similarly if Nifty spot sustains below 9755 we may see a initial move on the downside till 9738 & on sustaining below 9734 we may see a further move till 9703


Nifty Spot Levels for the day are

Long above 9787 for 9797 - 9808 - 9840 , SL 9766

Short below 9755 for 9745 - 9734 - 9705 , SL 9776

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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.