Nifty Spot Outlook for 10th November

NIFTY

Nifty spot  opened  at 8067.50 , made a low of 8002.25 , then went down up till 8476.20 before closing at 8432 . Had mentioned that long positions can be taken above 8563 and short positions can be taken below 8525 for the day . Nifty opened with a  huge gap down of nearly 500 points due to the surgical strike on black money and the US elections results nervousness combined together . Nifty nearly kissed 8000 on the downside before recovering post the US results and managed to hold 8400 on closing . We had a surprise move 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.  Nifty has today tested our yearly support levels of 8050 - 8250 .  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'.  Today inspite of the steep panic fall we have still managed to close well above 8362 levels .

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 8455 we can see a initial move upto 8478 & on sustaining above 8484 we may see further upmove till 8527. Similarly if Nifty spot sustains below 8410 we may see a initial move on the downside upto 8386 & on sustaining below 8380 we may see a further downmove till 8337

Nifty Spot Levels for the day are

Long above 8455 for 8468 - 8484 - 8527 , SL 8425

Short below 8410 for 8396 - 8380 - 8337 , SL 8439

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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.