Nifty Spot Outlook for 03rd Dec

NIFTY

In the previous session Nifty spot opened at 12137.05 , made a high of 12137.15 , made a low of 12023.70,   before closing at 12048.20

Had mentioned that long trade will get triggered for the day on sustaining above 12085 and short trade will get triggered for the day on sustaining below 12025. Nifty triggered our long trade with a gap up above our 2nd target and did not give a chance to enter . Post that Nifty traded between our long and short trigger zone for most part of the session. 

For this week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 12135 and then enter for a initial target of 12215 - 12235 and look to hold further only on sustaining or getting a close above 12235 for the next targets of 12305 - 12380. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11980 and then enter for a initial target of 11900 - 11875 and look to hold further only on sustaining or getting a close below 11875 for the next targets of 11810 - 11730. 

Nifty opened at our weekly long confirmation and reversed without sustaining . For the next sessions Nifty may trade in the range of 11980 - 12135 till we get a decisive break of the range on either side.

For this month :

For the month of December , longs will get confirmed in Nifty with a consecutive close above 12215 for a initial target of 12385 - 12425 and sustaining / closing above 12425 we can see a further move till 12570 - 12730 .  Similarly shorts will get confirmed with a consecutive close below 11895 for  a initial target of 11730 - 11685 and sustaining / closing below 11685 we can see a further move till 11545 - 11385 . 

Nifty has immediate resistance at 12155 - 12215 in the coming sessions and on getting a consecutive close above it we can see a move towards 12345 - 12425 next.

On the downside Nifty has immediate support near 12010 - 11980 in the coming sessions and on getting a strong close below 11980 we can see a down move towards 11900 - 11875 levels .

Now in the coming session Nifty needs to break and sustain above 12075 to test 12105 - 12115 initially and sustaining above it we can see a further upmove till 12140 - 12170. Similarly breaking and sustaining below 12020 we can see a test of 11990 - 11980 initially and breaking and sustaining below it we can see a further correction till 11955 - 11925

Nifty Spot Levels for the day are

Long above 12075 for 12095 - 12115 - 12170 , SL 12055

Short below 12020 for 12000 - 11980 - 11925 , SL 12040

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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.