Nifty Outlook for 21st Oct

 In the previous session : 

Nifty went down by 36 points then went up by 76 points before closing higher by 23 points on Tuesday 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 20th Oct :

Nifty triggered our long trade and completed just 1 target .

For 21st Oct :

 

Sustaining above 11940 enter for 11970 - 12000 - 12085 , SL 11910

Sustaining below 11850 enter for 11825 - 11795 - 11710 , SL 11885

 

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 broke above its immediate resistance zone and also managed to close marginally above it at 11896.80 .  Now tomorrow incase of a gap up Nifty needs to sustain above 11955 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.