Thursday, 23 November 2017

Nifty Spot Outlook for 24th Nov

NIFTY


Nifty spot opened at 10358.45 and made a high of 10374.30 , it made a low of 10307.30,  before closing at 10348.75 . 

Had mentioned that long positions for the day can be taken above 10365 and short positions can be taken below 10320 .  Nifty initially triggered our long trade but did not complete any target . It then triggered our short trade and again did not complete any target indicating indecisiveness in direction . Nifty needs to give a close above 10355 for resuming its upmove and has been breaking above it in the past 3 sessions but has failed to give a close above it . 

Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain below 10320 to test  10295 - 10290 initially and sustaining below it we can see a further correction till 10270 - 10245 . Similarly breaking and sustaining above 10365 we can see a test of 10390 - 10395 initially and breaking / sustaining above it we can see a further move till 10415 - 10440 " , and today Nifty broke our levels on both sides but failed to test both our resistance and support  . This sideways consolidation should be over in the next session and we should see a good move in either direction . 

Now in the coming session Nifty needs to break and sustain below 10325 to test 10300 - 10295 initially and sustaining below it we can see a further correction till 10275 - 10255. Similarly breaking and sustaining above 10370 we can see a test of 10395 - 10400 initially and breaking / sustaining above it we can a further move till 10425 - 10445.  


Nifty Spot Levels for the day are

Long above 10370 for 10385 - 10400 - 10445 , SL 10340

Short below 10325 for 10310 - 10295 - 10255 , SL 10355

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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.