Monday, 7 August 2017

Nifty Spot Outlook for 08th Aug

NIFTY


Nifty spot opened at 10074.80 and made a high of 10088.10 , it made a low of 10046.35, before closing at 10057.40  

Had mentioned that long positions for the day can be taken above 10085 and short positions can be taken below 10050 . Nifty triggered our long trade for the day and reversed immediately without completing any target and took our SL . It then triggered our short trade towards the end and again did not complete any targets .


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 are looking to enter fresh shorts should again keep a strict cbsl of 10150" . Today Nifty traded in a very narrow range of 40 points the entire day and did not take a clear direction. We can expect a trending move soon again after a couple of days of consolidation . 


Nifty Spot Levels for the day are

Long above 10075 for 10085 - 10095 - 10125 , SL 10052

Short below 10040 for 10030 - 10020 - 9990 , SL 10062


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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.