Nifty Outlook for 29th Oct

 In the previous session : 

Nifty went up 40 points then went down by 205 points before closing lower by 160 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 28th Oct :

Nifty triggered our short trade and completed all targets doing 150 points. 

For 29th Oct :

 

Sustaining above 11770 enter for 11790 - 11820 - 11890 , SL 11740

Sustaining below 11690 enter for 11670 - 11640 - 11570 , SL 11720

 

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 test the next weekly support and make a low of 11684.85 today . If it breaks and sustains below it then we can see a further correction towards 11565 levels . Holding the support we can see a bounce back towards 11800 levels.

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.