Nifty Spot Outlook for 22nd November

NIFTY

Nifty spot  opened  at 8102.10 , made a high of 8102.45 , then went down till 7916.40 before closing at 7929.10 . Had mentioned that long positions can be taken above 8113 and short positions can be taken below 8035 for the day . Nifty triggered our short trade and missed our last target by 9 points  . As long as Nifty is closing below 8561 there will always be a chance for a correction even incase of a pullback as it is still below our monthly levels to stay short . Nifty has today broken and closed below our yearly support range and is now close to taking our cbsl of 7895 . Had mentioned in the previous posts that  Nifty can retest 8000 levels again on sustaining / closing below 8250 and we saw 8000 getting broken today and we also got a close below it . Also as mentioned in the previous posts 'Those who are holding positional longs from near 8000 - 8050 levels entered last week or those who are looking to enter on a correction this week should keep a strict CBSL of 7895 spot for their positions' . This downmove can continue further now incase IF we get a consecutive close below 7895 . Holding 7895 on closing basis we can see a relief rally in Nifty with resistance initially near 8178 - 8215 zone and above that near 8315 - 8362 . We would need a consecutive close above 8362 to test 8561 and above  . We are entering the expiry week for November series in F&O and we can expect some swings.

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 7967 we can see a initial move upto 8007 & on sustaining above 8017 we may see further upmove till 8089. Similarly if Nifty spot sustains below 7891 we may see a initial move on the downside upto 7851 & on sustaining below 7841 we may see a further downmove till 7769

Nifty Spot Levels for the day are

Long above 7967 for 7990 - 8017 - 8089 , SL 7917

Short below 7891 for 7868 - 7841 - 7769 , SL 7941

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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.