Weekly Spot Outlook of Nifty for 26th to 30th Nov

NIFTY

This week Nifty went up by 92 points , then went up by 170 points before finally ending the week with a loss of 155 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 10745 to confrim uptrend and Nifty spot needed to sustain and close below 10620 to confirm downtrend for the week. Nifty made a high of 10774.70 and made a low of 10512. 

As mentioned in the previous weekly post " 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 are looking to enter fresh longs should wait for Nifty to sustain / close above 10745 to enter with a stoploss of 10700 for a initial target of 10805 - 10820 and look to hold further only on getting a close above this zone . Those who are looking to enter fresh shorts should wait for Nifty to sustain / close below 10620 to enter with a stoploss of 10665 for a initial target of 10560 - 10545 and look to hold further only on getting a close below this zone .  ", and Nifty initially triggered our long trade and took our stoploss and then triggered our short trade and gave 130 points. 

Now in the coming week Nifty needs to break and sustain above 10605 to test 10685 - 10705 initially and above it we can see a test of 10775 - 10855 . Breaking and sustaining below 10450 we can see a test of 10370 - 10350 initially and below it we can see a test of 10280 - 10200. Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 10605 and enter with a stoploss of 10550 for a initial target of 10685 - 10705 and look to hold further only on sustaining or getting a close above the initial target zone . Those who are looking to enter fresh short should wait for Nifty to sustain / close below 10450 and enter with a stoploss of 10505 for a initial target of 10370 - 10350 and hold further only on sustaining or getting a close below the initial target zone . 

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 . 

Had mentioned earlier that " Nifty has strong resistance near 10775 - 10885 which needs to be 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. " , and Nifty made a high of 10774.70 and reversed this week. 

Nifty Spot Levels for the week are

Long above 10575 , Tgt  10605 - 10630 - 10650

IF Nifty spot manages to get a close / sustain above 10685 then ,

long again for 10705 - 10775 - 10855

Short below 10480 , Tgt 10450 - 10425 - 10405

IF Nifty spot manages to get a close / sustain below 10370 then, 

short again for 10350 - 10280 - 10200

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.