Nifty Spot Outlook for 07th Nov

NIFTY

Nifty spot opened at 10431.75 and made a low of 10413.75 , it made a high of 10490.45 , before closing at 10451.80 . 

Had mentioned that long positions for the day can be taken above 10470 and short positions can be taken below 10435.  Nifty triggered our short trade initially and completed 2 targets and took our TSL . Nifty then  triggered our long trade and missed our 2nd target by 5 points and again took our TSL .  

Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain below 10435 to test  10420 - 10415 initially and sustaining below it we can see a further correction till 10395 - 10380  . Similarly breaking and sustaining above 10470 we can see a test of 10490 - 10495 initially and breaking and sustaining above it we can see a further move till 10510 - 10525 " , and today Nifty made a low of 10413.75 just below our initial support and reversed and made a high of 10490.45 at our initial resistance level for the day . 

Now in the coming session Nifty needs to break and sustain below 10435 to test 10415 - 10410 initially and sustaining below it we can see a further correction till 10395 - 10380. Similarly breaking and sustaining above 10470 we can see a test of 10490 - 10495 initially and sustaining above it we can a further move till 10510 - 10525 . 

Nifty Spot Levels for the day are

Long above 10470 for 10480 - 10495 - 10525 , SL 10445

Short below 10435 for 10425 - 10410 - 10380 , SL 10460

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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.