Wednesday, 5 December 2018

Nifty Spot Outlook for 06th Dec

NIFTY


In the previous session Nifty spot opened at 10820.45, made a high of 10821.05 ,  made a low of 10747.95,  before closing at 10784.95

Had mentioned that long trade will get triggered for the day on sustaining above 10895 and short trade will get triggered for the day on sustaining below 10845. Nifty triggered our short trade at opening and did 70+ points . 

As mentioned " For this week Nifty needs to break and sustain / close above 10960 to test 11045 - 11065 initially and above it we can see a test of 11135 - 11220 . Similarly Nifty needs to break and sustain / close below 10795 to test 10710 - 10690 initially and below it we can see a test of 10615 - 10535. So far this week Nifty has been trading sideways between our long and short weekly trigger levels." , and today Nifty triggered our short trade and completed our initial 3 targets and those who have taken a short trade should keep a cbsl of 10855 for the coming session. Nifty has support near 10710  - 10690 and it needs to break and sustain below this zone for a further downmove and failing to do so we can see our stoploss for shorts getting tested.

For the month of December , longs in Nifty will get confirmed with a consecutive close above 11045 for a initial target of 11220 - 11265 and sustaining / closing above it we can see a further test of 11415 - 11585 . Similarly , shorts will get confirmed with a consecutive close below  10710 for a initial target of 10535 - 10490 and sustaining / closing below it we can see a further move till 10340 - 10170 . 

Now in the coming session Nifty needs to break and sustain above 10810 to test 10840 - 10845 initially and sustaining above it we can see a further upmove till 10870 - 10895. Similarly breaking and sustaining below 10760 we can see a test of 10730 - 10725 initially and breaking and sustaining below it we can see a further correction till 10700 - 10675 .


Nifty Spot Levels for the day are

Long above 10810 for 10830 - 10845 - 10895 , SL 10790

Short below 10760 for 10745 - 10725 - 10675 , SL 10780

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