Thursday, 7 November 2019

Nifty Spot Outlook for 08th Nov

NIFTY


In the previous session Nifty spot opened at 12021.10 , made a high of 12021.40 , made a low of 11946.85,  before closing at 12016.10

Had mentioned that long trade will get triggered for the day on sustaining above 11985 and short trade will get triggered for the day on sustaining below 11945. Nifty triggered our long trade with a gap up above our 2nd target and reversed. It came close to short trigger and again reversed to move up and trigger our long trade and completed 2 targets .



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 had today confirmed our weekly long trade and made a high of 12021.40 completing our initial targets. Those who are holding longs should keep a trailing cbsl of 11950 for the coming sessions . Nifty needs to break and sustain above 12035 in the coming sessions to move towards our next targets of 12090 - 12150 .  



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 .


Today Nifty has given a close above 12010 and we need a consecutive close above it in the coming sessions to move towards 12145 - 12180 where it has its immediate resistance.


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 made a high of 12021.40 and has closed just above 12010 and it needs to now sustain above this level to move up further.


On the downside Nifty has immediate support near 11855 - 11830 levels in the coming sessions and on sustaining below 11830 we can see a further down move towards 11795 - 11745 levels .



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





Now in the coming session Nifty needs to break and sustain above 12035 to test 12055 - 12060 initially and sustaining above it we can see a further upmove till 12075 - 12095. Similarly breaking and sustaining below 11995 we can see a test of 11980 - 11975 initially and breaking and sustaining below it we can see a further correction till 11955 - 11940.


Nifty Spot Levels for the day are

Long above 12035 for 12045 - 12060 - 12095 , SL 12020

Short below 11995 for 11985 - 11975 - 11940 , SL 12010

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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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