Tuesday, 7 November 2017

Nifty Spot Outlook for 08th Nov

NIFTY


Nifty spot opened at 10477.15 and made a high of 10485.75 , it made a high of 10340.80 , before closing at 10350.15 . 

Had mentioned that long positions for the day can be taken above 10470 and short positions can be taken below 10435.  Nifty initially triggered our long trade at opening  and completed just 1 target and took our TSL . Nifty then  triggered our short trade for the day and completed all our short target for the day giving 55 points from the short trade for the day . Nifty also triggered our weekly short trade and completed 4 targets giving 80 points from the weekly short trade too . Nifty was unable to break above our weekly long confirmation level of 10500 after coming close to it in the past 2 sessions indicating a little weakness in the current upmove . Nifty has good support near 10315 - 10305 levels and for a further correction it would need to sustain / close below it .

Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain below 10435 to test  10415 - 10410 initially and sustaining below it we can see a further correction till 10395 - 10380  . Similarly breaking and sustaining above 10470 we can see a test of 10490 - 10495 initially and breaking and sustaining above it we can see a further move till 10510 - 10525 " , and today Nifty made a high of 10485.75 just below our initial resistance zone and reversed and made a low of 10340.80 once it sustaining below our next support zone of 10395 - 10380  for the day . 

Now in the coming session Nifty needs to break and sustain below 10330 to test 10305 - 10300 initially and sustaining below it we can see a further correction till 10280 - 10260. Similarly breaking and sustaining above 10370 we can see a test of 10395 - 10400 initially and sustaining above it we can a further move till 10420 - 10440 . 


Nifty Spot Levels for the day are

Long above 10370 for 10385 - 10400 - 10440 , SL 10345

Short below 10330 for 10315 - 10300 - 10260 , SL 10360

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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.