Nifty Outlook for 20th Oct

 In the previous session : 

Nifty went up by 136 points before closing higher by 110 points on Monday as compared to the previous day's close.

Nifty had made a life time high of 12430.50 on 20th January and again failed to give a strong close above its congestion zone of 12300 - 12375 for the upward momentum to continue and we saw a correction till 7511.10 now . 

On 19th Oct :

Nifty triggered our long trade and completed 2 targets doing 70 points 

For 20th Oct :

 

Sustaining above 11920 enter for 11945 - 11980 - 12060 , SL 11885

Sustaining below 11825 enter for 11800 - 11765 - 11685 , SL 11860

 

Now for this week :

Nifty has immediate resistance at 11840 - 11885 zone and closing above it we may see a further move towards 12015 - 12045 zone 

Nifty has immediate support at 11685 - 11640 zone and closing below it we may see a further move towards 11510 - 11475 zone . 

As mentioned above Nifty today tested its immediate resistance zone and closed at 11873 within the resistance zone. Now tomorrow incase of a gap up Nifty needs to sustain above 11935 else we can see a correction.

Incase we get a gap up beyond the 1st target then will update fresh levels as per pre opening on the telegram channel "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.