Nifty Outlook for 05th Nov

  In the previous session : 

Nifty went up by 116 points then went down by 57 points before closing higher by 95 points on Wednesday as compared to the previous day's close. 

Nifty had made a life time high of 12430.50 on 20th January and again failed to give a strong close above its congestion zone of 12300 - 12375 for the upward momentum to continue and we saw a correction till 7511.10 now . 

On 04th Nov :

Nifty initially triggered our long trade and completed 2 targets giving 50 points and took our TSL. Post that it reversed to trigger our short trade but failed to complete any target and took our stoploss . Then again it triggered our long trade and did 50 points again reflecting the volatility.

For 05th Nov :

 

Sustaining above 11950 enter for 11975 - 12005 - 12085 , SL 11920

Sustaining below 11865 enter for 11840 - 11810 - 11735 , SL 11895

 

Now for this week :

Nifty has immediate resistance at 11700 - 11730 zone and closing above it we may see a further move towards 11825 - 11850 zone 

Nifty has immediate support at 11590 - 11550 zone and closing below it we may see a further move towards 11460 - 11435 zone . 

Nifty made a low of 11557.40 near the support zone and rebounded to make a high of 11929.65 within the next resistance zone of 11925 - 12015 mentioned in the previous post. Now for a further upmove Nifty needs to break and sustain above 12015 in the coming session . On the downside now 11700 - 11730 is the immediate support zone.

Incase we get a gap up beyond the 1st target then will update fresh levels as per pre opening on the telegram channel "simplytradestocks"

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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.