Saturday, 30 November 2019

Weekly Spot Outlook Of Nifty for 02nd Dec to 06th Dec

NIFTY

This past week Nifty went up by 244.40 points before finally ending the week with a gain of 142 points compared to last weekly closing. 

Nifty made a new all time high of 12158.80 this week  

Had mentioned in previous weekly post that to enter a long trade Nifty needs to sustain/close above 11960 to test 12005 - 12020 initially and closing above it can go further till 12060 - 12100 and to enter a short trade Nifty needs to sustain below 11870 to test 11825 - 11810 initially and closing below it can go further till 11770 - 11725, and we saw Nifty trigger our weekly long trade and complete our all our targets and exceed it too as it had also confirmed our November month long trade .

For this week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 12135 and then enter for a initial target of 12215 - 12235 and look to hold further only on sustaining or getting a close above 12235 for the next targets of 12305 - 12380. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11980 and then enter for a initial target of 11900 - 11875 and look to hold further only on sustaining or getting a close below 11875 for the next targets of 11810 - 11730. 


For this month :

For the month of December , longs will get confirmed in Nifty with a consecutive close above 12215 for a initial target of 12385 - 12425 and sustaining / closing above 12425 we can see a further move till 12570 - 12730 .  Similarly shorts will get confirmed with a consecutive close below 11895 for  a initial target of 11730 - 11685 and sustaining / closing below 11685 we can see a further move till 11545 - 11385 . 

Nifty has immediate resistance at 12155 - 12215 in the coming sessions and on getting a consecutive close above it we can see a move towards 12345 - 12425 next.

On the downside Nifty has immediate support near 12010 - 11980 in the coming sessions and on getting a strong close below 11980 we can see a down move towards 11900 - 11875 levels .


Nifty Spot Levels for the week are

Long above 12105 , Tgt  12135 - 12155 - 12180

IF Nifty spot manages to get a close / sustain above 12215 then ,

long again for 12235 - 12305 - 12380

Short below 12010 , Tgt 11980 - 11955 - 11930

IF Nifty spot manages to get a close / sustain below 11900 then, 

short again for 11875 - 11810 - 11730


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P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels and keep trailing your stoploss .

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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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