Sunday, 3 November 2019

Nifty Spot Outlook for 04th Nov

NIFTY


In the previous session Nifty spot opened at 11886.60 , made a low of 11843.35 , made a high of 11918.30,  before closing at 11890.60

Had mentioned that long trade will get triggered for the day on sustaining above 11900 and short trade will get triggered for the day on sustaining below 11855. Nifty triggered our short trade and took our stoploss . Nifty then reversed to trigger our long trade and completed just 1 target for the day.



For this week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11950 and then enter for a initial target of 12015 - 12035 and look to hold further only on sustaining or getting a close above 12035 for the next targets of 12090 - 12150. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11830 and then enter for a initial target of 11765 - 11750 and look to hold further only on sustaining or getting a close below 11750 for the next targets of 11690 - 11630.





For this month :


For the month of November , longs will get confirmed in Nifty with a consecutive close above 12010 for a initial target of 12145 - 12180 and sustaining / closing above 12180 we can see a further move till 12300 - 12430 .  Similarly shorts will get confirmed with a consecutive close below 11745 for  a initial target of 11610 - 11575 and sustaining / closing below 11575 we can see a further move till 11455 - 11325 .





Now on the upside Nifty has resistance near 11960 - 12010 in the coming sessions and on sustaining or getting a consecutive close above 12010 we see a further upmove towards 12145 - 12180.


On the downside Nifty has immediate support near 11745 - 11795 in the coming sessions and on sustaining or closing consecutively below 11745 we can see a further down move towards 11575 - 11610 levels .



As long as Nifty is able to hold / close above 11745 incase of a correction we can expect the upmove to resume.





Now in the coming session Nifty needs to break and sustain above 11915 to test 11940 - 11945 initially and sustaining above it we can see a further upmove till 11965 - 11990. Similarly breaking and sustaining below 11865 we can see a test of 11840 - 11835 initially and breaking and sustaining below it we can see a further correction till 11815 - 11790.


Nifty Spot Levels for the day are

Long above 11915 for 11930 - 11945 - 11990 , SL 11895

Short below 11865 for 11855 - 11835 - 11790 , SL 11885

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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.

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