Nifty Spot Outlook for 07th November

NIFTY

Nifty spot  opened  at 8503.60 , made a high of 8504 , then went down till 8400.25 before closing at 8433.75 . Had mentioned that long positions can be taken above 8501 and short positions can be taken below 8469 for the day . Nifty initially triggered our long trade at opening but could not complete any target and took our SL . Nifty then triggered our short trade and completed all 3 targets for the day giving around 50 points from the trade . Had mentioned in the previous daily post 'As per the weekly levels too Nifty has completed our initial 3 targets and now further correction got confirmed on breaking below 8497' and we saw Nifty achieve another 2 targets on the short side and miss our last target by 18 points . Had mentioned in the 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 which was indicating the lack of strength in the upmove. Nifty has now broken its August months lows of  8515 - 8500 levels and also tested our next supports of 8480 - 8464 and also closed below it . Had also mentionined in the previous daily post that ' Incase Nifty closes or sustains below 8464 then we may see a test of 8442 - 8382 levels on the downside ' and Nifty made a low of 8400.25 and also closed below 8442 levels . Now incase Nifty closes or sustains below 8362 then we may see a test of 8250 levels . Holding the same we can see a retest of 8561 levels below which the downtrend for this month got confirmed with some resistance at 8500 - 8515 levels. 

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 8449 we can see a initial move upto 8465 & on sustaining above 8469 we may see further upmove till 8497. Similarly if Nifty spot sustains below 8419 we may see a initial move on the downside upto 8403 & on sustaining below 8399 we may see a further downmove till 8370

Nifty Spot Levels for the day are

Long above 8449 for 8458 - 8469 - 8497 , SL 8429

Short below 8419 for 8410 - 8399 - 8370 , SL 8438

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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.