Weekly Spot Outlook Of Nifty For 18th to 22nd Nov

NIFTY

This past week Nifty went down by 105 points, then went up by 171 points before finally ending the week with a loss of 13 points compared to last weekly closing. 

Nifty made a high of 11973.65 and made a low of 11802.65 in the previous week.

Had mentioned in previous weekly post that to enter a long trade Nifty needs to sustain/close above 11980 to test 12050 - 12070 initially and closing above it can go further till 12130 - 12200 and to enter a short trade Nifty needs to sustain below 11840 to test 11765 - 11745 initially and closing below it can go further till 11685 - 11615, and we saw Nifty take resistance near our long confirmation and reverse to trigger our short trade and nearly complete our initial 3 targets. 

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. 

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 needs to break and sustain / close well above 11950 - 12010 zone for the upmove to gain strength and go towards 12130 - 12180 . Bank Nifty has been outperforming the Nifty this month but now even Bank Nifty needs to sustain / close above 31065 for a further upmove.

On the downside Nifty has immediate support near 11745 - 11795 in the coming sessions and on getting a strong close below 11745 we can see a down move towards 11575 - 11610 levels .

Nifty Spot Levels for the week are

Long above 11930 , Tgt  11950 - 11970 - 11985

IF Nifty spot manages to get a close / sustain above 12010 then ,

long again for 12025 - 12075 - 12130

Short below 11860 , Tgt 11840 - 11825 - 11805

IF Nifty spot manages to get a close / sustain below 11780 then, 

short again for 11765 - 11715 - 11660

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P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels and keep trailing your stoploss .

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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.