Sunday, 16 October 2016

Nifty Spot Outlook for 17th October


Nifty spot opened  at 8594 and made a high of 8604.45 , then went down till 8549.80 before closing at 8583.40 . Had mentioned that long positions can be taken above 8604 and short positions can be taken below 8543 for the day . Nifty just touched our long trigger but did not go above it and traded the entire day between our long and short trigger .  As per our weekly levels too we needed to get a consecutive close below 8550 - 8531 zone to get a confirmation for further correction which did not happen .  Also as mentioned "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" . Now as mentioned in the previous post too 'If Nifty breaks below 8552 - 8522 supports and tests our next supports of 8480 - 8464 and does not sustain below it , then we can again see it move up to to test our resistance at 8673 - 8716 initially and above it till 8772 - 8813'. IF Nifty gives a consecutive close above 8755 along with Bank Nifty also closing above 19737 levels then we can expect higher levels .

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 8608 we can see a initial move upto 8634 & on sustaining above 8641 we may see further upmove till 8688. Similarly if Nifty spot sustains below 8559 we may see a initial move on the downside upto 8533 & on sustaining below 8526 we may see a further downmove till 8479

Nifty Spot Levels for the day are

Long above 8608 for 8623 - 8641 - 8688 , SL 8576

Short below 8559 for 8544 - 8526 - 8479 , SL 8591

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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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