Wednesday 6 October 2021

Nifty Outlook for 07th Oct

 In the previous session :

Nifty went up by 62 points then went down by 209 points before closing lower by 176 points on Wednesday.



Nifty made a new life time high of 17947.65 in this upmove from the lows of 7511.10 made on 24th March 2020


On 06th Sep :-

Nifty triggered our long trade and took our SL. Post that Nifty triggered our short trade and completed all targets doing 155 points . 

For 07th Oct :-

Sustaining above 17690 enter for 17710 - 17740 - 17815 , SL 17655

Sustaining below 17605 enter for 17580 - 17550 - 17475 , SL 17635


Now for this week :

Nifty has to break and sustain above 17610 - 17655 where it has its initial resistance for a further move towards 17780 - 17815 where it has its next resistance for the week

Nifty has to break and sustain below 17455 - 17410 where it has its initial support for a further move towards 17285 - 17250 where it has its next support for the week

So far this week Nifty made a high 17884.60 breaking above our next target zone of 17780 - 17815 but fell short of our next targets of 17925 - 18050 and reversed sharply to break 17710 which took it towards the expected targets on the downside of 17665 - 17625 which it achieved with a low of 17613.15 and also closed with the range. Now in the coming session Nifty on sustaining below 17615 can move towards 17550 - 17410 where it has immediate support and if holds this support then we may again see a bounce else if Nifty breaks and sustain below this immediate support we may see Nifty correct further towards 17340 - 17250 next.

Incase of a gap up beyond the first target then for fresh updated levels intraday follow 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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