Wednesday, 8 November 2017

Nifty Spot Outlook for 09th Nov

NIFTY


Nifty spot opened at 10361.95 and made a high of 10384.25 , it made a low of 10285.50 , before closing at 10303.15 . 

Had mentioned that long positions for the day can be taken above 10370 and short positions can be taken below 10330.  Nifty initially triggered our long trade at opening  and did not complete any target and took our SL . Nifty then  triggered our short trade for the day and completed 2 target for the day . Nifty had also triggered our weekly short trade in the previous session and today completed 5 targets giving 120 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 indicating a little weakness in the current upmove . Had mentioned in the previous post that " Nifty has good support near 10315 - 10305 levels and for a further correction it would need to sustain / close below it " , and today Nifty has closed just below it and on sustaining below it we can see a test of 10260 - 10240 . Those who are looking to go long on further correction should keep a strict cbsl of 10240 spot .

Had mentioned in the previous post " 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 breaking and sustaining above it we can see a further move till 10420 - 10440 " , and today Nifty made a high of 10485.75 just below our initial resistance zone and reversed and made a low of 10285.50 just above our next support zone after being unable to sustain above 10370  . 

Now in the coming session Nifty needs to break and sustain below 10280 to test 10260 - 10255 initially and sustaining below it we can see a further correction till 10235 - 10215. Similarly breaking and sustaining above 10325 we can see a test of 10345 - 10350 initially and sustaining above it we can a further move till 10370 - 10390 . 


Nifty Spot Levels for the day are

Long above 10325 for 10335 - 10350 - 10390 , SL 10295

Short below 10280 for 10270 - 10255 - 10215 , SL 10310

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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.