Thursday, 21 November 2019

Nifty Spot Outlook for 22nd Nov

NIFTY


In the previous session Nifty spot opened at 12025.65 , made a high of 12028.20, made a low of 11956.90,  before closing at 11968.40

Had mentioned that long trade will get triggered for the day on sustaining above 12020 and short trade will get triggered for the day on sustaining below 11975. Nifty triggered our long trade at opening and took our stoploss. Nifty then triggered our short trade and completed nearly 2 targets for the day giving just 20 points .The intraday targets and stoplosses have narrowed and it is a indication of a trending move around the corner.  

As mentioned in the previous post " 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. " , and today again we saw Nifty unable to break and sustain above the upper end of the range.


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. 


Also as mentioned previously " Nifty confirmed our weekly long trade and completed our initial targets giving 75 points. Now in the coming sessions Nifty needs to sustain / close above 12025 for a further move towards 12075 - 12130 ." , and today Nifty failed to sustain above 12025 for a further upmove. 



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 had completed its initial long targets and has now also tested completed its next target zone. 


Nifty needs to break and sustain / close well above 12010 - 12050 zone for the upmove to gain strength and go towards 12130 - 12180 . Bank Nifty has been outperforming the Nifty this month by a wide margin and has nearly completed all its monthly long targets.


On the downside Nifty has immediate support near 11860 - 11840 in the coming sessions and on getting a strong close below 11840 we can see a down move towards 11780 - 11765 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.

If Nifty fails to break above and sustain beyond 12050 in the coming session then we can expect a correction towards 11945 - 11920 and beyond it further till 11860 - 11840. 




Now in the coming session Nifty needs to break and sustain above 11990 to test 12010 - 12015 initially and sustaining above it we can see a further upmove till 12035 - 12055. 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 11900 - 11880.


Nifty Spot Levels for the day are

Long above 11990 for 12000 - 12015 - 12055 , SL 11975

Short below 11945 for 11935 - 11920 - 11880 , 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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