Weekly Spot Outlook Of Nifty For 04th to 08th Nov

NIFTY

This past week Nifty went up by 317 points before finally ending the week with a gain of 263 points compared to last weekly closing. 

Nifty made a high of 11945.00 and made a low of 11627.35 in the previous week.

Had mentioned in previous weekly post that to enter a long trade Nifty needs to sustain/close above 11640 to test 11700 - 11715 initially and closing above it can go further till 11770 - 11825 and to enter a short trade Nifty needs to sustain below 11525 to test 11465 - 11450 initially and closing below it can go further till 11440 - 11345, and we saw Nifty trigger our long trade and make a high of 11945.00 completing all our weekly targets and exceeding it giving 300 points .

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. 

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 . 

Now on the upside Nifty has immediate resistance near 11960 - 12010 in the coming sessions and on getting a strong close above 12010 we can see a further upmove till 12145 - 12180.

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 .

Nifty Spot Levels for the week are

Long above 11930 , Tgt  11950 - 11970 - 11990

IF Nifty spot manages to get a close / sustain above 12015 then ,

long again for 12035 - 12090 - 12150

Short below 11850 , Tgt 11830 - 11810 - 11790

IF Nifty spot manages to get a close / sustain below 11765 then, 

short again for 11750 - 11690 - 11630

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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.