Thursday 10 October 2019

Nifty Spot Outlook for 11th Oct

NIFTY


In the previous session Nifty spot opened at 11280.50 , made a high of 11293.35 , made a low of 11208.55,  before closing at 11234.55 .


Had mentioned that long trade will get triggered for the day on sustaining above 11355 and short trade will get triggered for the day on sustaining below 11270. Nifty triggered our short trade and completed 2 targets giving 50+ points .

For this week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11315 and then enter for a initial target of 11465 - 11505 and look to hold further only on sustaining or getting a close above 11505 for the next targets of 11630 - 11770. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11035 and then enter for a initial target of 10885 - 10845 and look to hold further only on sustaining or getting a close below 10845 for the next targets of 10720 - 10580. 


Nifty failed to break and sustain above our weekly long confirmation level of 11315 today after closing 2 points away from it in the previous session. In the last session this week again Nifty breaking and sustaining above is required for the upmove to resume as staying below it will give a sideways to negative move towards 11200.



For the month of October , longs will get confirmed in Nifty with a consecutive close above 12085 for a initial target of 12630 - 12770 and sustaining / closing above 12770 we can see a further move till 13240 - 13755 .  Similarly shorts will get confirmed with a consecutive close below 11055 for  a initial target of 10510 - 10375 and sustaining / closing below 10375 we can see a further move till 9905 - 9390 .



Nifty has to break and sustain above its resistance zone of 11265 - 11315 today and sustaining above 11315 we can see it move towards its next resistance of 11435 - 11465 . 



Now on the downside Nifty has immediate support at 11260 - 11220 and it needs to hold it for this upmove to show strength tomorrow . Breaking and sustaining below 11200 we can see a dip again till 11085 - 11035 . Overall as long as Nifty is able to hold above 11035 in case of a correction we can expect a upmove again.



Now in the coming session Nifty needs to break and sustain above 11275 to test 11315 - 11325 initially and sustaining above it we can see a further upmove till 11360 - 11400. Similarly breaking and sustaining below 11195 we can see a test of 11155 - 11145 initially and breaking and sustaining below it we can see a further correction till 11110 - 11070.


Nifty Spot Levels for the day are

Long above 11275 for 11300 - 11325 - 11400 , SL 11245

Short below 11195 for 11170 - 11145 - 11070 , SL 11225

Telegram Channel will be active from October for live trades under the name of Simply Trade . Those who wish to join can click on this link and open it with telegram https://t.me/simplytradestocks


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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.

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