Nifty Spot Outlook for 21st Nov

NIFTY

In the previous session Nifty spot opened at 12004.75 , made a low of 11966.05, made a high of 12038.60,  before closing at 11999.10

Had mentioned that long trade will get triggered for the day on sustaining above 11960 and short trade will get triggered for the day on sustaining below 11920. Nifty triggered our long trade and completed all targets giving 70 points .  

For the past few sessions Nifty has been trading indecisively and we can expect the range bound moves between 11750 - 12050 to continue till either side is taken out decisively and on good volumes. 

For this week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11950 and then enter for a initial target of 12010 - 12025 and look to hold further only on sustaining or getting a close above 12025 for the next targets of 12075 - 12130. 

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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 11780 - 11765 and look to hold further only on sustaining or getting a close below 11765 for the next targets of 11715 - 11660. 

Nifty confirmed our weekly long trade and completed our initial targets giving 75 points. Now in the coming sessions Nifty needs to sustain / close above 12025 for a further move towards 12075 - 12130 .

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 .

So far this month Nifty has failed to give a consecutive close above 12010 to confirm our monthly long and is been putting pressure on Bank Nifty too now which had confirmed its monthly longs and had completed its initial long targets and has now also tested completed its next target zone. 

Nifty needs to break and sustain / close well above 12010 - 12050 zone for the upmove to gain strength and go towards 12130 - 12180 . Bank Nifty has been outperforming the Nifty this month by a wide margin and has nearly completed all its monthly long targets.

On the downside Nifty has immediate support near 11860 - 11840 in the coming sessions and on getting a strong close below 11840 we can see a down move towards 11780 - 11765 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 12020 to test 12045 - 12050 initially and sustaining above it we can see a further upmove till 12070 - 12090. Similarly breaking and sustaining below 11975 we can see a test of 11955 - 11950 initially and breaking and sustaining below it we can see a further correction till 11930 - 11910.

Nifty Spot Levels for the day are

Long above 12020 for 12035 - 12050 - 12090 , SL 12005

Short below 11975 for 11965 - 11950 - 11910 , SL 11995

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