Nifty Spot Outlook for 29th Nov

NIFTY

In the previous session Nifty spot opened at 12132.10 , made a low of 12099.95 , made a new life time high of 12158.80,   before closing at 12151.15

Had mentioned that long trade will get triggered for the day on sustaining above 12125 and short trade will get triggered for the day on sustaining below 12075. Nifty triggered our long trade and completed 2 targets giving 33 points .

For this week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11960 and then enter for a initial target of 12005 - 12020 and look to hold further only on sustaining or getting a close above 12020 for the next targets of 12060 - 12100. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11870 and then enter for a initial target of 11825 - 11810 and look to hold further only on sustaining or getting a close below 11810 for the next targets of 11770 - 11725. 

Nifty had confirmed our weekly long trade and has completed all weekly long targets and exceeded it further with a high of 12158.80  giving 200 points from the trade.

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 .

Nifty has confirmed its monthly long trade and today tested its initial targets range with a high of 12158.80 and now sustaining above 12180 in the coming sessions is required for a further upmove .

As mentioned in the previous post " Nifty needs to break and close well above 12010 - 12050 zone for the upmove to gain strength and go towards 12130 - 12180 in this expiry week. Bank Nifty has been outperforming the Nifty this month but without the Nifty participating in the expiry week now even Bank Nifty will  find it difficult to sustain this outperformance." , Nifty has made a high of 12158.80 nearly completed our initial targets .

On the downside now Nifty has immediate support near 11960 -11940 for the coming sessions and below it the next support is at 11885 - 11870 . Giving a strong close below 11870 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 12175 to test 12205 - 12210 initially and sustaining above it we can see a further upmove till 12235 - 12260. Similarly breaking and sustaining below 12125 we can see a test of 12100 - 12090 initially and breaking and sustaining below it we can see a further correction till 12070 - 12045

Nifty Spot Levels for the day are

Long above 12175 for 12195 - 12210 - 12260 , SL 12160

Short below 12125 for 12110 - 12090 - 12045 , SL 12145

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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.