Monday, 9 December 2019

Nifty Spot Outlook for 10th Dec

NIFTY


In the previous session Nifty spot opened at 11939.10 , made a low of 11888.05 , made a high of 11981.95,   before closing at 11937.50

Had mentioned that long trade will get triggered for the day on sustaining above 11945 and short trade will get triggered for the day on sustaining below 11900. Nifty initially triggered our short trade and took our stoploss. Nifty then reversed to trigger our long trade and completed 2 targets . Nifty indicated indecisiveness today by trading between our support and resistance zone and not breaking out on either side.


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 12040 - 12055 and look to hold further only on sustaining or getting a close above 12055 for the next targets of 12110 - 12165. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11865 and then enter for a initial target of 11800 - 11785 and look to hold further only on sustaining or getting a close below 11785 for the next targets of 11735 - 11680. 

Nifty has resistance for this week at 11960 - 11980 and support at 11885 - 11865.


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 for this month and on getting a consecutive close above it we can see a move towards 12345 - 12425 next.

As mentioned in the previous week "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 ." , and we saw Nifty make a low of 11888.85 on sustaining below 11980.

As mentioned in the previous post "Nifty has immediate support for this week at 11885 - 11865 and sustaining / closing below it we can see it test its next strong support at 11800 - 11785." , today we saw Nifty take support at 11888.05 just above 11885 - 11865 which is beginning to become a crucial support zone and has been held since 15th November.






Now in the coming session Nifty needs to break and sustain above 11960 to test 11985 - 11990 initially and sustaining above it we can see a further upmove till 12010 - 12030. Similarly breaking and sustaining below 11915 we can see a test of 11890 - 11885 initially and breaking and sustaining below it we can see a further correction till 11865 - 11845


Nifty Spot Levels for the day are

Long above 11960 for 11975 - 11990 - 12030 , SL 11945

Short below 11915 for 11900 - 11885 - 11845 , SL 11930



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