Tuesday 27 October 2020

Nifty Outlook for 28th Oct

 In the previous session : 


Nifty went down 45 points then went up by 131 points before closing higher by 121 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 27th Oct :

Nifty triggered our long trade and completed 2 targets doing 80 points. 

For 28th Oct :
 


Sustaining above 11940 enter for 11970 - 12005 - 12100 , SL 11905


Sustaining below 11840 enter for 11810 - 11775 - 11680 , SL 11875


 

Now for this week :

Nifty has immediate resistance at 12000 - 12045 zone and closing above it we may see a further move towards 12165 - 12195 zone 

Nifty has immediate support at 11860 - 11815 zone and closing below it we may see a further move towards 11700 - 11665 zone . 

We saw Nifty broke the immediate weekly support and made a low of 11711.70 just above the next support zone of 11700 - 11665 and in todays session it held above the next support zone and bounced back to close at 11889 above the initial  support zone . Now holding above the initial support we can see a move towards the highs of this month . IF breaks below the support then again we can see a correction. Markets will remain volatile this week.

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.


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