Nifty Spot Outlook for 11th Dec

NIFTY

In the previous session Nifty spot opened at 10508.70, made a high of 10558.85 ,  made a low of 10474.95,  before closing at 10488.45

Had mentioned that long trade will get triggered for the day on sustaining above 10730 and short trade will get triggered for the day on sustaining below 10660. Nifty triggered our short with a big gap down and gave no chance to enter as per daily levels.

Had mentioned " For this week Nifty needs to break and sustain / close above 10785 to test 10880 - 10905 initially and above it we can see a test of 10985 - 11075 . Similarly Nifty needs to break and sustain / close below 10605 to test 10510 - 10485 initially and below it we can see a test of 10405 - 10315." , and Nifty today opened below our short weekly short confirmation and completed our initial targets. Those who did not book near 10510 - 10485 as mentioned and are still holding shorts should trail their stoploss to 10570 and look to book on a gap down near 10405 - 10360 . We can expect the coming session to be highly volatile with the RBI governor resignation coming in post market hours and also the 5 states election results to be announced .

As mentioned " For the month of December , longs in Nifty will get confirmed with a consecutive close above 11045 for a initial target of 11220 - 11265 and sustaining / closing above it we can see a further test of 11415 - 11585 . Similarly , shorts will get confirmed with a consecutive close below  10710 for a initial target of 10535 - 10490 and sustaining / closing below it we can see a further move till 10340 - 10170 . " , and Nifty had confirmed our monthly shorts for a initial target of 10535 - 10490 on Friday and today we saw a low of 10474.95 . Now in the coming session Nifty needs to sustain below 10490 to test 10340 - 10170 levels. Traders should be cautious as we have the election results outcome too tomorrow . Incase of a gap down shorts can be booked once if it comes near 10340 levels

Now in the coming session Nifty needs to break and sustain above 10530 to test 10575 - 10585 initially and sustaining above it we can see a further upmove till 10620 - 10660. Similarly breaking and sustaining below 10445 we can see a test of 10405 - 10395 initially and breaking and sustaining below it we can see a further correction till 10355 - 10315 .

Nifty Spot Levels for the day are

Long above 10530 for 10555 - 10585 - 10660 , SL 10500

Short below 10445 for 10425 - 10395 - 10315 , SL 10475

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