Nifty Spot Outlook for 29th Oct

NIFTY

In the previous session Nifty spot opened at 10122.35, made a high of 10128.85 ,  made a low of 10004.55,  before closing at 10030

Had mentioned that long trade will get triggered for the day on sustaining above 10170 and short trade will get triggered for the day on sustaining below 10075. Nifty triggered our short trade  and did 70 points.

Now in this week Nifty needs to break and sustain / close above 10115 to test 10200 - 10220 initially and above it we can see a test of 10295 - 10375 . Similarly Nifty needs to break and sustain / close below 9945 to test 9860 - 9840 initially and below it we can see a test of 9765 - 9685 .

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 has completed all our short targets  giving 500 points from the short trade and has made a low of 10102.35 till now in October . Also had mentioned " Now in the coming sessions Nifty needs to sustain / close below 10160 for a further move till 10070 - 9970 where one should book shorts . " , and Nifty made a low of 10004.55 today . As per expiry Nifty has good support near 9875 and failing to get a consecutive close below it can take Nifty back till 10275 - 10375  where it has strong resistance now. 

Now in the coming session Nifty needs to break and sustain above 10060 to test 10095 - 10105 initially and sustaining above it we can see a further upmove till 10130 - 10160. Similarly breaking and sustaining below 10000 we can see a test of 9965 - 9955 initially and breaking and sustaining below it we can see a further correction till 9930 - 9900 .

Nifty Spot Levels for the day are

Long above 10060 for 10080 - 10105 - 10160 , SL 10040

Short below 10000 for 9980 - 9955 - 9900 , SL 10020

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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.