Monday, 18 November 2019

Nifty Spot Outlook for 19th Nov

NIFTY


In the previous session Nifty spot opened at 11915.15 , made a high of 11946.20, made a low of 11867.60,  before closing at 11884.50

Had mentioned that long trade will get triggered for the day on sustaining above 11915 and short trade will get triggered for the day on sustaining below 11875. Nifty initially triggered our long trade and completed 2 targets giving 30 points . Nifty then triggered our short trade but did not complete any targets. For the past few sessions Nifty has been trading indecisively and we can expect the range bound moves between 11750 - 12050 to continue till either side is taken out decisively and on good volumes. 


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 12010 - 12025 and look to hold further only on sustaining or getting a close above 12025 for the next targets of 12075 - 12130. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11840 and then enter for a initial target of 11780 - 11765 and look to hold further only on sustaining or getting a close below 11765 for the next targets of 11715 - 11660. 


In the coming sessions Nifty needs to sustain/close above 11950 to test the month high again and move towards the all time high . 



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 .


So far this month Nifty has failed to give a consecutive close above 12010 to confirm our monthly long and is been putting pressure on Bank Nifty too now which had confirmed its monthly longs and also completed its initial long targets. 


Nifty needs to break and sustain / close well above 11950 - 12010 zone for the upmove to gain strength and go towards 12130 - 12180 . Bank Nifty has been outperforming the Nifty this month but now even Bank Nifty needs to sustain / close above 31065 for a further upmove.


On the downside Nifty has immediate support near 11745 - 11795 in the coming sessions and on getting a strong close below 11745 we can see a down move towards 11575 - 11610 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 11905 to test 11925 - 11930 initially and sustaining above it we can see a further upmove till 11950 - 11970. Similarly breaking and sustaining below 11865 we can see a test of 11845 - 11840 initially and breaking and sustaining below it we can see a further correction till 11820 - 11800.


Nifty Spot Levels for the day are

Long above 11905 for 11915 - 11930 - 11970 , SL 11890

Short below 11865 for 11855 - 11840 - 11800 , SL 11880

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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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