Nifty Spot Outlook for 11th Nov

NIFTY

In the previous session Nifty spot opened at 11987.15 , made a high of 12034.15, made a low of 11888.75,  before closing at 11908.15

Had mentioned that long trade will get triggered for the day on sustaining above 12035 and short trade will get triggered for the day on sustaining below 11995. Nifty took resistance at our long trigger and reversed to trigger our short trade and completed all targets and exceeded it giving 100 points . 

For this week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11980 and then enter for a initial target of 12050 - 12070 and look to hold further only on sustaining or getting a close above 12070 for the next targets of 12130 - 12200. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11840 and then enter for a initial target of 11765 - 11745 and look to hold further only on sustaining or getting a close below 11745 for the next targets of 11685 - 11615.

For this month :

For the month of November , longs will get confirmed in Nifty with a consecutive close above 12010 for a initial target of 12145 - 12180 and sustaining / closing above 12180 we can see a further move till 12300 - 12430 .  Similarly shorts will get confirmed with a consecutive close below 11745 for  a initial target of 11610 - 11575 and sustaining / closing below 11575 we can see a further move till 11455 - 11325 .

Nifty failed to give a consecutive close above 12010 to confirm our monthly long and reversed putting pressure on Bank Nifty too . 

As mentioned in the previous post  " Now on the upside Nifty has resistance near 11960 - 12010 in the coming sessions and on sustaining or getting a consecutive close above 12010 we see a further upmove towards 12145 - 12180." ,  Nifty made a high of 12034.15 but failed to sustain / close above 12010 to confirm monthly long trade and reversed sharply to break below 11900. 

On the downside Nifty has immediate support near 11855 - 11830 levels in the coming sessions and on sustaining below 11830 we can see a further down move towards 11795 - 11745 levels .

As long as Nifty is able to hold / close above 11745 incase of a correction this month we can expect the upmove to resume.

Now in the coming session Nifty needs to break and sustain above 11935 to test 11960 - 11970 initially and sustaining above it we can see a further upmove till 11995 - 12020. Similarly breaking and sustaining below 11880 we can see a test of 11855 - 11845 initially and breaking and sustaining below it we can see a further correction till 11825 - 11800.

Nifty Spot Levels for the day are

Long above 11935 for 11950 - 11970 - 12020 , SL 11915

Short below 11880 for 11865 - 11845 - 11800 , SL 11900

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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.