Nifty Spot Outlook for 09th November

NIFTY

Nifty spot  opened  at 8540 , made a high of 8559.40 , then went down till 8480.10 before closing at 8543.55 . Had mentioned that long positions can be taken above 8516 and short positions can be taken below 8478 for the day . Nifty opened with a gap up near our 2nd target and did not give a chance to enter initially . It corrected till nearly our levels to go short before reversing and again triggered our long trade and again completed 2 targets .  As per the weekly levels Nifty has to close or sustain above 8526  for a further upmove till 8600, which it has done today . Now we had a surprise from the goverment by withdrawing the 500 and 1000 currency notes from cirulation in its fight against black money . It is the first major step of its kind in a long time which will help to improve a lot of things in the long run. Also we are awaiting the US election results in the morning which has got overshadowed in the evening today by the currency withdrawl announcement. Nifty had broken its August months lows of  8515 - 8500 levels and also tested our next supports of 8480 - 8464. Had mentioned in the previous post ' Now incase Nifty closes or sustains below 8362 then we may see a test of 8250 levels . Holding the same we can see a retest of 8561 levels below which the downtrend for this month got confirmed with some resistance at 8500 - 8515 levels'. We saw Nifty today nearly test 8561 with a high of 8559.40 and close near 8544. If Nifty breaks and sustains above 8561 then we have our next immediate resistance near 8605 - 8625 levels . Unable to break and sustain above 8561 Nifty can retest 8480 - 8464 levels again.

For the month of November we can expect uptrend in Nifty spot on a consecutive closing above 8691 and downtrend on a consecutive closing below 8561 .

For today if Nifty spot sustains above 8563 we can see a initial move upto 8583 & on sustaining above 8588 we may see further upmove till 8624. Similarly if Nifty spot sustains below 8525 we may see a initial move on the downside upto 8504 & on sustaining below 8499 we may see a further downmove till 8463

Nifty Spot Levels for the day are

Long above 8563 for 8574 - 8588 - 8624 , SL 8538

Short below 8525 for 8513 - 8499 - 8463 , SL 8550

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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.