Nifty Spot Outlook for 26th Nov

NIFTY

In the previous session Nifty spot opened at 11922.45 , made a low of 11919.75, made a high of 12084.50,  before closing at 12079.00

Had mentioned that long trade will get triggered for the day on sustaining above 11930 and short trade will get triggered for the day on sustaining below 11895. Nifty triggered our long trade and completed all targets giving 55 points from the daily levels and a further nearly 100 points as the weekly longs had also got confirmed giving more than 150+ points for the day.

Had mentioned in the previous posts "The intraday targets and stoplosses have narrowed and it is a indication of a trending move around the corner." , and today we got the trending move and also a close above 12050 breaking the range. 

For this expiry week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11960 and then enter for a initial target of 12005 - 12020 and look to hold further only on sustaining or getting a close above 12020 for the next targets of 12060 - 12100. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11870 and then enter for a initial target of 11825 - 11810 and look to hold further only on sustaining or getting a close below 11810 for the next targets of 11770 - 11725. 

Today Nifty confirmed our weekly long trade and nearly completed all weekly long targets with a high of 12084.50 giving 125+ points from the trade.

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 .

Today Nifty has given a strong close above its monthly long confirmation level and sustaining above it in the coming session we can see Nifty make a move towards 12145 - 12180 initially. 

As mentioned in the previous post " Nifty needs to break and close well above 12010 - 12050 zone for the upmove to gain strength and go towards 12130 - 12180 in this expiry week. Bank Nifty has been outperforming the Nifty this month but without the Nifty participating in the expiry week now even Bank Nifty will  find it difficult to sustain this outperformance." , today Nifty has given a close above 12050 and now sustaining above 12010 in the coming sessions we can see it move towards its initial targets.

On the downside Nifty has immediate support near 11885 - 11870 in the coming sessions and on getting a strong close below 11870 we can see a 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 12105 to test 12135 - 12140 initially and sustaining above it we can see a further upmove till 12165 - 12190. Similarly breaking and sustaining below 12050 we can see a test of 12025 - 12020 initially and breaking and sustaining below it we can see a further correction till 11995 - 11970.

Nifty Spot Levels for the day are

Long above 12105 for 12120 - 12140 - 12190 , SL 12085

Short below 12050 for 12035 - 12020 - 11970 , SL 12070

The all time high on Nifty is at 12103

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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.