Nifty Spot Outlook for 11th Oct

NIFTY

In the previous session Nifty spot opened at 10331.85 , made a low of 10318.25 ,  made a high of 10482.35,  before closing at 10460.10

Had mentioned that long trade will get triggered for the day on sustaining above 10345 and short trade will get triggered for the day on sustaining below 10255. Nifty triggered our long trade and did 130 points completing all our daily long targets. 

As mentioned " Now in this week Nifty needs to break and sustain / close above 10440 to test 10575 - 10610 initially and above it we can see a test of 10720 - 10845 . Similarly Nifty needs to break and sustain / close below 10190 to test 10060 - 10025 initially and below it we can see a test of 9915 - 9790 . " , and today Nifty has confirmed our weekly long trade and those who are long should keep a stoploss of 10355 as mentioned in the weekly post . 

Also as mentioned " For the month of October ,Nifty longs will get confirmed with a consecutive close above 11085 for a initial target of 11245 - 11290 and sustaining / closing above it we can see a further test of 11425 - 11580 . Similarly , shorts will get confirmed with a consecutive close below  10775 for a initial target of 10615 - 10575 and sustaining / closing below it we can see a further move till 10435 - 10285 ." , and Nifty confirmed our monthly shorts and completed all our short targets with a low of 10261.90 giving 500 points from the short trade. Now in the coming sessions Nifty needs to sustain / close below 10245 for a further move till 10070 - 9940 . As mentioned " Since we have fallen sharply we can see a small bounce this week , but Nifty has resistance near 10385 - 10500 zone initially and above it near 10665 - 10765 zone where one should be cautious incase of a bounce." , and today finally Nifty made a high of 10482.35 as expected in the bounce near the initial resistance zone of 10385 - 10500 . Now for a further bounce Nifty needs to sustain above 10515 in the coming session else we can see a fall back to 10375 - 10355. 

Now in the coming session Nifty needs to break and sustain above 10515 to test 10570 - 10580 initially and sustaining above it we can see a further upmove till 10630 - 10680. Similarly breaking and sustaining below 10405 we can see a test of 10350 - 10340 initially and breaking and sustaining below it we can see a further correction till 10290 - 10240 . Those who are looking to short tomorrow should keep a stoploss of 10545.

Nifty Spot Levels for the day are

Long above 10515 for 10545 - 10580 - 10680 , SL 10475

Short below 10405 for 10375 - 10340 - 10240 , SL 10445

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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.