Nifty Spot Outlook for 12th Oct

NIFTY

Nifty spot opened at 10042.60 and made a high of 10067.25 , it made a low of 9955.80, before closing at 9984.80 . Nifty closed again below 10000 after it took 11 sessions to close above it in the previous session . 

Had mentioned that long positions for the day can be taken above 10040 and short positions can be taken below 9995 . Nifty triggered our long trade initially and completed  just 1 target and then took our TSL . Nifty then triggered our short trade and completed 2 targets on the short side too.  Had mentioned in the previous post " As long as Nifty is sustaining above 9940 we can expect a retest of 10000 - 10065 zone and if Bank Nifty also breaks and sustains above 24460 then we can expect higher levels in both" , and today Nifty made a high of 10067.25 and tested our expected range of 10000 - 10065 and Bank Nifty made a high of 24460.25 as expected on sustaining above 24360 but Bank Nifty could not break and sustain above 24460 which was need for testing higher levels as mentioned and we saw selling pressure take Nifty down and also close below 10000 again. 

Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain below 9995 to test 9965 - 9960 initially and sustaining below it we can see a test of 9940 - 9915 . Breaking and sustaining above 10040 we can see a bounce till 10070 - 10075 initially and breaking and sustaining above it we can see a test of 10095 - 10120 . " , and we saw Nifty make a high of 10067.25 just below our initial resistance zone of 10070 - 10075 . From there Nifty reversed to test our initial support zone of 9965 - 9960 . Now in the coming session Nifty needs to break and sustain below 9970 to test  9955 - 9950 initially and sustaining below it we can see a test of 9935 - 9920  . Breaking and sustaining above 10000 we can see a bounce till 10010 - 10020 initially and breaking and sustaining above it we can see a test of  10035 - 10050.

Nifty Spot Levels for the day are

Long above 10000 for 10010 - 10020 - 10050 , SL 9980

Short below 9970 for 9960 - 9950 - 9920 , SL 9990

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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.