Sunday, 10 November 2019

Weekly Spot Outlook Of Nifty For 11th to 15th Nov

NIFTY

This past week Nifty went down by 40 points, then went up by 143 points before finally ending the week with a gain of 17 points compared to last weekly closing. 


Nifty made a high of 12034.15 and made a low of 11850.25 in the previous week.

Had mentioned in previous weekly post that to enter a long trade Nifty needs to sustain/close above 11950 to test 12015 - 12035 initially and closing above it can go further till 12090 - 12150 and to enter a short trade Nifty needs to sustain below 11830 to test 11765 - 11750 initially and closing below it can go further till 11690 - 11630, and we saw Nifty trigger our weekly long trade and make a high of 12034.15 completing our initial weekly targets giving 100 points and reverse. 


For this week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11980 and then enter for a initial target of 12050 - 12070 and look to hold further only on sustaining or getting a close above 12070 for the next targets of 12130 - 12200. 

&

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 11765 - 11745 and look to hold further only on sustaining or getting a close below 11745 for the next targets of 11685 - 11615. 


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 . 

As mentioned in the previous week " 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." , and we saw Nifty give a marginal close above 12010 and failed to give a consecutive close to confirm our monthly longs even though Bank Nifty had confirmed a long trade and also completed its initial targets. If Nifty fails to confirm the monthly long trade then Bank Nifty will give up its gains .


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 11950 , Tgt  11980 - 12000 - 12020

IF Nifty spot manages to get a close / sustain above 12050 then ,

long again for 12070 - 12130 - 12200

Short below 11865 , Tgt 11840 - 11820 - 11795

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

short again for 11745 - 11685 - 11615


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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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