Nifty Spot Outlook for 02nd November

NIFTY

Nifty spot  opened  at 8653.15 , made a high of 8669.60 , then went down till 8614.50 before closing at 8626.25 . Had mentioned that long positions can be taken above 8638 and short positions can be taken below 8614 for the day . Nifty opened near our 2nd target for the day and then correction till 8614.50 but did not trigger our short trade below 8614 by 0.50 and reversed to trigger our long trade and missed completing our last target by 7 points giving us around 25 points from the long trade . Had mentioned in the previous post for October that 'Now Nifty spot has immediate resistance near 8735 - 8755 zone which should be watched as closing above 8755 will be crucial for further upmove' and we saw that Nifty was unable to break above this zone after breaking above 8700 for 4 sessions and again we saw Nifty test 8550 levels.   Nifty has so far held on to its August months lows of  8515 - 8500 levels and taken support . Had mentioned in October that 'If Nifty breaks below 8552 - 8522 supports and tests our next supports of 8480 - 8464 and does not sustain or close below it , then we can again see it move up to to test our resistance at 8673 - 8716 initially and above it till 8772 - 8813' and Nifty made a high of 8737 and took resistance post the correction .  Incase Nifty closes below 8464 then we may see a test of 8442 - 8382 levels on the downside . IF Nifty breaks above 8755 then the next resistance is near 8772 - 8812 spot now . Nifty range has been getting narrower in the last 4 sessions and we should soon see it break out of this range of 8550 - 8737 . 

For the month of November we can expect uptrend in Nifty spot on a consecutive closing above 8691 and downtrend on a consecutive closing below 8561 .

For today if Nifty spot sustains above 8638 we can see a initial move upto 8650 & on sustaining above 8654 we may see further upmove till 8676. Similarly if Nifty spot sustains below 8614 we may see a initial move on the downside upto 8601 & on sustaining below 8598 we may see a further downmove till 8576

Nifty Spot Levels for the day are

Long above 8638 for 8645 - 8654 - 8676 , SL 8623

Short below 8614 for 8607 - 8599 - 8577 , SL 8630

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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.Spo