Nifty Spot Outlook for 16th Oct

NIFTY

In the previous session Nifty spot opened at 10524.20 , made a high of 10526.30 ,  made a high of 10410.15,  before closing at 10512.50

Had mentioned that long trade will get triggered for the day on sustaining above 10540 and short trade will get triggered for the day on sustaining below 10405. Nifty traded the entire day between our long and short trade zone .

Now in this week Nifty needs to break and sustain / close above 10665 to test 10845 - 10895 initially and above it we can see a test of 11055 - 11235 . Similarly Nifty needs to break and sustain / close below 10290 to test 10100 - 10055 initially and below it we can see a test of 9890 - 9710 . 

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 Now in the coming sessions Nifty needs to sustain / close below 10245 for a further move till 10070 - 9940 ." , and Nifty confirmed our monthly shorts and has completed all our short targets  giving 500 points from the short trade and has made a low of 10138.60 till now in . 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 Nifty made a high of 10526.30 today and managed to close above 10500 . Now it needs to sustain above 10500 to make a move towards 10615 - 10665 in the coming session where it has good resistance and if sustains below 10500 it can go back to 10385 and lower levels . 

Now in the coming session Nifty needs to break and sustain above 10580 to test 10650 - 10670 initially and sustaining above it we can see a further upmove till 10730 - 10800. Similarly breaking and sustaining below 10445 we can see a test of 10375 - 10355 initially and breaking and sustaining below it we can see a further correction till 10295 - 10225 . 

Nifty Spot Levels for the day are

Long above 10580 for 10620 - 10670 - 10800 , SL 10535

Short below 10445 for 10405 - 10355 - 10225 , SL 10490

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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.