Nifty Outlook for 16th Nov

 In the previous session:

Nifty went down by 110 points before closing lower by 82 points on Monday 

Nifty made a new lifetime high of 20222.45 on 15th Sep 2023 from the lows of 7511.10 made on 24th March 2020

On 15th Nov:

Nifty initially triggered our long trade with a gap up above our last target and did not give a trade

For 16th Nov:

Sustaining above 19715 can move towards 19735 - 19765 - 19835, SL 19685

Sustaining below 19635 can move towards 19615 - 19585 - 19515, SL 19665

In the Previous Week: 

Nifty triggered our long but did not complete any targets or took our weekly stoploss indicating indecisiveness

Now for this week:

On the upside:

Nifty has to sustain and close above its weekly resistance at 19480 - 19520 to move towards its initial weekly long targets of 19615 - 19635

Closing above 19635 Nifty may move towards its last weekly long targets of 19720 - 19810

On the downside:

Nifty has to sustain and close below its weekly support at 19370 - 19330 to move towards its initial weekly short targets of 19240 - 19215

Closing below 19215 Nifty may move towards its last weekly short targets of 19130 - 19040

So far this week Nifty has triggered our weekly long trade and has completed our initial weekly long targets till 19615 - 19635 with a high of 19693.20 and closed at 19675.45.

Now in the coming session Nifty sustaining above 19635 can move towards 19720 - 19810 to complete its last weekly long targets. On the downside Nifty has immediate support at 19615 and sustaining below it can move towards 19520 - 19480. The trailing closing basis stoploss for the weekly long trade is 19520.

In case of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks".

Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours.                              

To receive this post daily in your inbox, kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog.

Disclaimer: I am not SEBI registered and these are my personal views and one should do their own research or consult a financial advisor 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