Nifty Spot Outlook for 26th Oct

NIFTY

Nifty spot opened at 10321.15 and made a low of 10240.90 , it made a high of 10340.55, before closing at 10295.35 . 

Had mentioned that long positions for the day can be taken above 10230 and short positions can be taken below 10185.  Nifty opened above our last target for the day and gave a dip to enter longs . Nifty had confirmed our weekly long on closing in the previous session and today we saw it complete 5 weekly long targets and give 140 points from teh weekly long trade . Had mentioned to expect a strong move if Bank Nifty sustains above 24460 and today Bank Nifty opened above it and we saw a strong move backed by the announcement made yesterday regarding the PSU banks . 

Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain below 10185 to test  10165 - 10160 initially and sustaining below it we can see a further correction till 10140 - 10120  . Breaking and sustaining above 10230 we can see a bounce till 10250 - 10255 initially and breaking and sustaining above it we can see a further move till 10275 - 10295" , and today we saw Nifty make a high of 10321.15 and close above our resistance zone of 10255 - 10270  . 

Now in the coming session Nifty needs to break and sustain below 10275 to test 10255 - 10245 initially and sustaining below it we can see a further correction till 10230 - 10210. Similarly breaking and sustaining above 10315 we can see a test of 10340 - 10345 initially and sustaining above it we can a further move till 10360 - 10380 . 

Nifty Spot Levels for the day are

Long above 10315 for 10330 - 10345 - 10380 , SL 10290

Short below 10275 for 10260 - 10250 - 10210 , SL 10300

Expected expiry Levels are :

Upper End - 10360

Lower End - 10230

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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.