Nifty Spot Outlook for 23rd November

NIFTY

Nifty spot  opened  at 7989.15 , made a high of 8019.05 , went down till 7938.15 before closing at 8002.30 . Had mentioned that long positions can be taken above 7967 and short positions can be taken below 7891 for the day . Nifty triggered our long trade and completed 2 targets  . As long as Nifty is closing below 8362 we can expect the upmoves to be sold into. On a consecutive close above 8362 we can expect 8561 levels to be tested. Nifty has so far held on to our cbsl of 7895 and if it continues to do so then we expect a retest of upto 8362 . As mentioned previously  'Those who are holding positional longs from near 8000 - 8050 levels entered last week or those who are looking to enter on a correction this week should keep a strict CBSL of 7895 spot for their positions' . This downmove can continue further now incase IF we get a consecutive close below 7895 . Holding 7895 on closing basis we can see a relief rally in Nifty with resistance initially near 8178 - 8215 zone and above that near 8315 - 8362 . We would need a consecutive close above 8362 to test 8561 and above  . 

For the month of November we can expect uptrend in Nifty spot on a consecutive closing above 8691 and downtrend on a consecutive closing below 8561 .

For today if Nifty spot sustains above 8042 we can see a initial move upto 8084 & on sustaining above 8095 we may see further upmove till 8170. Similarly if Nifty spot sustains below 7963 we may see a initial move on the downside upto 7921 & on sustaining below 7910 we may see a further downmove till 7834

Nifty Spot Levels for the day are

Long above 8042 for 8067 - 8095 - 8170 , SL 7990

Short below 7963 for 7938 - 7910 - 7834 , SL 8015

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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.