Wednesday, 6 November 2019

Nifty Spot Outlook for 07th Nov

NIFTY


In the previous session Nifty spot opened at 11911.50 , made a low of 11850.25 , made a high of 12002.90,  before closing at 11966.05

Had mentioned that long trade will get triggered for the day on sustaining above 11940 and short trade will get triggered for the day on sustaining below 11895. Nifty initially triggered our short trade and completed 2 targets giving 30+ points. Nifty then reversed and triggered our long trade and completed all targets giving 60 points .



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.

Nifty has today confirmed our weekly long trade and made a high of 12002.90 near our initial targets. Those who are holding longs should keep a cbsl of 11910 for the coming sessions and hold for the initial targets of 12015 - 12035. 



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 .





As mentioned in the previous posts too " 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." , today Nifty tested 12000 and has closed in the lower end of the resistance zone.


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 11985 to test 12005 - 12010 initially and sustaining above it we can see a further upmove till 12030 - 12045. Similarly breaking and sustaining below 11945 we can see a test of 11925 - 11920 initially and breaking and sustaining below it we can see a further correction till 11905 - 11885.


Nifty Spot Levels for the day are

Long above 11985 for 11995 - 12010 - 12045 , SL 11970

Short below 11945 for 11935 - 11920 - 11885 , SL 11960

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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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