Wednesday, 4 December 2019

Nifty Spot Outlook for 05th Dec

NIFTY


In the previous session Nifty spot opened at 11969.95 , made a low of 11935.30 , made a high of 12054.70,   before closing at 12043.20

Had mentioned that long trade will get triggered for the day on sustaining above 12025 and short trade will get triggered for the day on sustaining below 11965. Nifty initially triggered our short trade and nearly completed 2 targets giving 30 points and took our TSL. Nifty then reversed and triggered our long trade and completed just 1 target.


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. 


On Tuesday Nifty broke the range of 11980 - 12135 on the downside but managed to close within the range . Today again Nifty broke the range on the downside and corrected till 11935.30 before recovering to close in the green in the last session. 

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 .






Now in the coming session Nifty needs to break and sustain above 12075 to test 12105 - 12110 initially and sustaining above it we can see a further upmove till 12135 - 12165. Similarly breaking and sustaining below 12015 we can see a test of 11985 - 11975 initially and breaking and sustaining below it we can see a further correction till 11950 - 11920


Nifty Spot Levels for the day are

Long above 12075 for 12090 - 12110 - 12165 , SL 12050

Short below 12015 for 11995 - 11975 - 11920 , SL 12035



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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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