Nifty Analysis, Outlook and Trend for 03rd Dec 2019

Medium Term Trend:  ↑ UP (Changes to down below 11500)

Slipped from All Time Highs: Nifty opened strong at 12135 levels but quikcly droppped below 12100 levels. It made several attempts to reclaim 12100 but failed and closed flat at 12050 levels.

Market continue to move broadly in line with our prediction and on expected lines. In previous post we had mentoned:

 "the chances of reclaiming 12100 are pretty high. Its likely that Nifty can test 12200-12300 levels however from the technical perspective there is a strong chance of Nifty begining another round of correction which might bring it again towards 11900-12K levels"

Now this is exactly how markets played out last week. Nifty broke above 12100 and touched 12150 and then made a U turn and touched 12K levels again. Point to note is that market has not really broken down inspite of the bad GDP numbers which suggests that overall trend remains on the upside however inspite of that there is a likelyhood of market slipping further towards 11850-11900 levels from here. If 11850 is broken then we are looking at 11700 levels.

On the upside if 12035 is reclaimed then we can expect another shot at 12200-12250 levels. 

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Below is the chat excerpts/Trade recommendation we have shared in last few days with our clients.

15/11/2019, 10:15 -  *nifty 11928 buy 2 parts*
15/11/2019, 14:11 -  *nifty 11950 buy 2 more parts*
15/11/2019, 14:12 -  Hold all long position (4 parts)
15/11/2019, 15:20 -  Nifty 11890. Some sharp swing however doesn't matter for now
15/11/2019, 15:20 -  Carry all 4 parts long for next week
18/11/2019, 09:17 -  GM. Nifty 11930. Continue holding all longs
18/11/2019, 15:14 -  Nifty 11885. Nothing to be done for now. Carry longs for tomorrow
19/11/2019, 09:16 -  Gm. Nifty 30+ @11915. Continue holding longs
19/11/2019, 15:19 -  Nifty 11947. Carry all longs for tomorrow.

20/11/2019, 10:14 -  Nifty 12015 *Book profit 2 parts* continue holding bal 2 parts
20/11/2019, 15:17 -  Nifty 12000. Carry bal longs for tomorrow.

21/11/2019, 09:15 -  Gm. Nifty 12004. Continue with balance long position
21/11/2019, 11:45 -  Nifty trading around 11970. If it moves below 11970 and sustains then will exit remaining longs. So b on alert.
21/11/2019, 15:16 -  Nifty 11971. Holding on to 11970 support for now.
21/11/2019, 15:16 -  Carry bal long position for tomorrow.
22/11/2019, 09:16 -  Gm. Nifty 11950. If it sustains here then will exit bal long. Hold for some more time.
22/11/2019, 09:45 -  *nifty 11949 exit balance 2 parts long*
22/11/2019, 09:45 -  Position nil..
22/11/2019, 09:45 -  Wait for next trade...
22/11/2019, 10:20 -  Nifty 11916. We might see some more weakness however no shorts at this stage. will look out for opportunity to enter long again.
22/11/2019, 15:47 -  Nifty closed at 11915. Made a low of 11883. Nothing was to be done. Will wait and enter longs again at opportune time

25/11/2019, 09:26 -  Gm. Nifty 11940
25/11/2019, 09:27 -  Nothing to b done for now. Will advise if anything is to be done
25/11/2019, 12:14 -  *nifty 12010 buy 2 parts*
25/11/2019, 13:22 -  Nifty 12030.Continue with 2 part longs. Chances of market hitting a new lifetime high from here.
25/11/2019, 14:02 -  Having said that we continue to observe negative divergences so chances of one more fall, even after new all time high is achieved, is there.
25/11/2019, 15:33 -  Nifty 12075. Long to be carried for tomorrow
26/11/2019, 09:18 -  Gm *nifty 12125 book profit one part*
26/11/2019, 09:18 -  Carry bal one part long
26/11/2019, 09:30 -  2 parts long added yestersay @ 12010 profit booked one part today @ 12125
26/11/2019, 13:28 -  Nifty 12080. Continue holding bal longs. One more jump is possible from here.
26/11/2019, 13:29 -  Hold with a sl of around 12020 (just above buy price)
26/11/2019, 15:29 -  Nifty 12035. Carry bal longs for tomorrow
27/11/2019, 09:26 -  Gm. Nifty 12095. Hold balance longs
27/11/2019, 15:14 -  Nifty 12100. Carry bal long position for tomorrow
28/11/2019, 09:22 -  Gm nifty 12115. Keep holding one part long.
28/11/2019, 12:32 -  *nifty 12140 book profit remaining long position*
28/11/2019, 12:33 -  No open position. Long entered at 12010 total profit booked now

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Happy Trading.