Nifty Outlook for 22nd Oct

In the previous session : 

Nifty went up by 122 points then went down by 121 points before closing higher by 41 points on Wednesday 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 21st Oct :

Nifty initially triggered our long trade and completed 2 targets doing 70 point and took our TSL . Post that Nifty reversed to trigger our short trade and completed 2 targets doing 70 points and again took our TSL. A roller coaster trading day with wild swings.

For 22nd Oct :

 

Sustaining above 11980 enter for 12010 - 12040 - 12120 , SL 11950

Sustaining below 11895 enter for 11865 - 11835 - 11755 , SL 11925

 

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 made a high of 12018.65 testing our next resistance zone and reversed sharply intraday before recovering towards the close . Nifty needs to break and sustain above 12015 - 12045 zone for a further upmove else we can see a correction again. 

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.