Nifty Spot Outlook for 06th October

NIFTY

Nifty spot opened  at 8806.35 and made a high of 8806.95 , then went down till 8731.40 before closing at 8743.95 . Had mentioned that long positions can be taken above 8802 and short positions can be taken below 8737 for the day . Nifty opened gap up above our long trigger then dipped immediately to trigger our SL . Later on Nifty went down to trigger our short trade for the day but could not complete any targets . The market is indecisive since a couple of days again and even did not give a good move on getting a rate cut from RBI. As mentioned yesterday ' Though Nifty has given a close today above our uptrend level of 8755 we would need a consecutive close above it tomorrow to hold long positions else we may retest again 8673 - 8716 levels ' and today Nifty failed to close above 8755 spot . Had mentioned in the previous post that ' We may face some resistance near 8772 - 8813 levels tomorrow ' and we saw Nifty again take some resistance near 8807 levels today after taking resistance near 8784 the previous day. Unable to now break above this range can see Nifty go back and retest 8550 levels again on a break of 8716 - 8673 levels . Nifty had been taking support near 8515 - 8500 levels in the entire month of August & has managed to take support near 8550 levels in the month of September , so one can expect good support in the zone of 8552 - 8522 for now. Incase we break below this support then we have our next immediate supports at 8480 - 8464 as mentioned in the weekly post too . Nifty had comfortably broken above 8673 - 8716 a couple of sessions ago and the same is now our immediate support. If Nifty manages to give a consecutive close above 8755 again then we can see a upmove till 8900 levels . Today again Bank Nifty broke above 19737 but could not give a close above it and as mentioned in the previous post too , we would need both Nifty & Bank Nifty to close above their trend continuation levels for further upmove . . 

For the month of October we can expect uptrend in Nifty spot on a consecutive closing above 8755 and downtrend to continue on a consecutive closing below 8467 .

For today if Nifty spot sustains above 8774 we can see a initial move upto 8806 & on sustaining above 8814 we may see further upmove till 8871. Similarly if Nifty spot sustains below 8714 we may see a initial move on the downside upto 8682 & on sustaining below 8674 we may see a further downmove till 8617

Nifty Spot Levels for the day are

Long above 8774 for 8793 - 8814 - 8871 , SL 8735

Short below 8714 for 8695 - 8674 - 8617 , SL 8753

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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.