Weekly Spot Outlook Of Nifty for 19th to 23rd Nov

NIFTY

This week Nifty went down by 145 points , then went up by 110 points before finally ending the week with a gain of 97 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 10690 to confrim uptrend and Nifty spot needed to sustain and close below 10480 to confirm downtrend for the week. Nifty made a high of 10695.15 and made a low of 10440.55. We did not get a close above our long or short confirmation levels.

As mentioned in the previous weekly post " Now in the coming week Nifty needs to break and sustain above 10690 to test 10800 - 10825 initially and above it we can see a test of 10920 - 11025 . Breaking and sustaining below 10480 we can see a test of 10375 - 10345 initially and below it we can see a test of 10250 - 10150. Those who looking to enter fresh longs should wait for Nifty to sustain / close above 10690 to enter with a stoploss of 10615 and look to hold further only on getting a close above 10800 - 10825 zone . Those who are looking to enter fresh shorts should wait for Nifty to sustain / close below 10480 to enter with a stoploss of 10555 and look to hold further only on getting a close below 10375 - 10345 zone .  ", and Nifty traded sideways without giving a close above or below our long and short confirmation levels . 

Now in the coming week Nifty needs to break and sustain above 10745 to test 10805 - 10820 initially and above it we can see a test of 10875 - 10935 . Breaking and sustaining below 10620 we can see a test of 10560 - 10545 initially and below it we can see a test of 10490 - 10430. Those who looking to enter fresh longs should wait for Nifty to sustain / close above 10115 to enter with a stoploss of 10055 and look to hold further only on getting a close above 10200 - 10220 zone . Those who are looking to go long on closing above 10745 for a target of 10805 - 10820 should keep a stoploss of 10700 and those who are looking to go short on closing below 10620 for a target of 10560 - 10545 should keep a stoploss of 10665.

For the month of November , further longs will get confirmed in Nifty with a consecutive close above 10660 for a initial target of 10945 - 11020 and sustaining / closing above it we can see a further move till 11265 - 11535 .  Similarly shorts will get confirmed with a consecutive close below 10115 for  a initial target of 9830 - 9755 and sustaining / closing below it we can see a further move till 9510 - 9235 . In the month of October Nifty gave 700+ points from the short trade . Nifty has strong resistance near 10775 - 10885 which needs to crossed strongly on a closing basis now for the bear grip to become weaker . Stoploss for positional shorts is at 10890 and unless we get a strong close above it bears will have the upper hand. 

Nifty Spot Levels for the week are

Long above 10720 , Tgt  10745 - 10760 - 10780

IF Nifty spot manages to get a close / sustain above 10805 then ,

long again for 10820 - 10875 - 10935

Short below 10645 , Tgt 10620 - 10605 - 10585

IF Nifty spot manages to get a close / sustain below 10560 then, 

short again for 10545 - 10490 - 10430

P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels and keep trailing your stoploss .

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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.