Wednesday, 19 July 2017

Nifty Spot Outlook for 20th Jul

NIFTY


Nifty spot opened at 9855.95 , made a low of 9851.65 , made a high at 9905.05 , before closing at 9899.60. 

Had mentioned that long positions for the day can be taken above 9847 and short positions for the day can be taken below 9807 . Nifty triggered our long trade at opening and nearly completed all our long targets , missing the last target by 6 points . Nifty had triggered our weekly short trade in the previous session because ITC had single handedly put pressure on Nifty whereas Bank Nifty had not triggered its weekly shorts and today Nifty took our SL at opening . Nifty is yet to break above our weekly long confirmation levels for a further upmove .


Had mentioned at the beginning of this week " Nifty now in the coming sessions needs to break and sustain / close above 9925 to test 9965 - 9975 levels initially and above it we can see a test of 10010 - 10045 levels . Similarly now breaking and sustaining / closing below 9849 we can see a test of 9810 - 9800 initially and below it we can see a test of 9765 - 9730 levels  . Those who are holding longs should now move up their trailing cbsl to 9845 . " In the previous session Nifty tested our initial supports at 9810 - 9800 breaking below 9849 and had also taken our trailing cbsl of positional longs at 9845 . Today holding the supports we saw Nifty again make a move towards 9900 .  Now in the coming session Nifty needs to break and sustain below 9925 to make a move towards our next immediate targets of 9965 - 9975 on the upside and failing to do so can see a retest of the supports . 


Nifty Spot Levels for the day are

Long above 9920 for 9933 - 9948 - 9988 , SL 9893

Short below 9879 for 9866 - 9851 - 9811 , SL 9906

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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.Nifty