Nifty Spot Outlook for 06th Nov

NIFTY

Nifty spot opened at 10461.55 and made a high of 10461.70 , it made a low of 10403.60 , before closing at 10452.50 . 

Had mentioned that long positions for the day can be taken above 10440 and short positions can be taken below 10405.  Nifty triggered our long trade by opening near our 2nd long target for the day and reversed immediately . It then triggered our short trade and again immediately reveresed and took our stoploss . Overall a stoploss hitting day of indecisiveness . 

Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain below 10405 to test  10390 - 10385 initially and sustaining below it we can see a further correction till 10370 - 10350  . Similarly breaking and sustaining above 10440 we can see a test of 10460 - 10465 initially and breaking and sustaining above it we can see a further move till 10480 - 10495 " , and today Nifty opened at 10461.55 near our initial resistance zone of 10460 - 10465 and reversed to make a low of 10403.60 but failed to sustain below 10405 for any down move to come . 

Now in the coming session Nifty needs to break and sustain below 10435 to test 10420 - 10415 initially and sustaining below it we can see a further correction till 10395 - 10380. Similarly breaking and sustaining above 10470 we can see a test of 10490 - 10495 initially and sustaining above it we can a further move till 10510 - 10525 . 

Nifty Spot Levels for the day are

Long above 10470 for 10480 - 10495 - 10525 , SL 10445

Short below 10435 for 10425 - 10415 - 10380 , SL 10460

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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.