Thursday, 6 December 2018

Nifty Spot Outlook for 07th Dec

NIFTY


In the previous session Nifty spot opened at 10718.15, made a high of 10722.65 ,  made a low of 10588.25,  before closing at 10601.15

Had mentioned that long trade will get triggered for the day on sustaining above 10810 and short trade will get triggered for the day on sustaining below 10760. Nifty triggered our short trade with a gap down and completed all our daily targets and did 100+ 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 Nifty had triggered our short trade in the previous session and today completed 5 targets giving 225+ points . Those who  are still short should keep a TSL now of 10645 and look to book incase of a gap down  near 10535 - 10490 . Had also mentioned in the prevous post " 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." , and we saw a sharp correction once Nifty broke below 10710 - 10690 after opening .

As mentioned " 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 . " , and Nifty has given a strong close today below 10710 for a initial target of 10535 - 10490 .

Now in the coming session Nifty needs to break and sustain above 10635 to test 10670 - 10680 initially and sustaining above it we can see a further upmove till 10710 - 10745. Similarly breaking and sustaining below 10565 we can see a test of 10530 - 10520 initially and breaking and sustaining below it we can see a further correction till 10490 - 10455 .


Nifty Spot Levels for the day are

Long above 10635 for 10655 - 10680 - 10745 , SL 10610

Short below 10565 for 10545 - 10520 - 10455 , SL 10590

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