Sunday, 6 August 2017

Nifty Spot Outlook for 07th Aug

NIFTY


Nifty spot opened at 10008.60 and made a low of 9988.35 , it made a high of 10075.25, before closing at 10066.40  

Had mentioned that long positions for the day can be taken above 10030 and short positions can be taken below 9998 . Nifty triggered our short trade for the day and reversed without completing any target and took our SL . It then triggered our long trade and missed our last target by 6 points . 


Had mentioned in the previous post "  Nifty is currently in a range of 10005 - 10150 and we need to see this range broken and sustained for a bigger move . IF Nifty holds on to the cbsl for longs at 10005 then we can see a retest of 10115 - 10130 . Breaking and sustaining below 9985 - 9965 we can see a test of 9915 - 9900 initially and below it we can see a further test of 9855  9810 next . Those who have taken a short position in the previous session should now move up their trailing cbsl to 10055 from 10150 given previously " , Nifty made a low of 9988.35 and bounced back sharply without breaking 9985 - 9965 zone and has also held on to the cbsl of longs at 10005 . Nifty took the trailing cbsl for shorts entered in the previous session at 10055 . Those who are looking to enter fresh shorts should again keep a strict cbsl of 10150 .


Nifty Spot Levels for the day are

Long above 10085 for 10095 - 10105 - 10135 , SL 10060

Short below 10050 for 10040 - 10030 - 10000 , SL 10075


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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.