Thursday, 20 October 2016

Nifty Spot Outlook for 21st October


Nifty spot opened  at 8693.35 and made a high of 8727 , then went down till 8678.30 before closing at 8699.40 . Had mentioned that long positions can be taken above 8687 and short positions can be taken below 8631 for the day . Nifty triggered our long trade today and completed 2 targets giving around 35 points . Nifty had held on to our weekly long confirmation level of 8649 at close in the previous session and today tested the upper end of our initial resistance of 8673 - 8716 spot . Nifty has so far held on to its August months lows of  8515 - 8500 levels where one can expect support .  Had also mentioned in the previous posts  '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'and today again we saw Nifty cross our initial resistance zone of 8673 - 8716 but could not sustain above it.  IF Nifty gives a consecutive close above 8755 along with Bank Nifty also closing above 19737 levels then we can expect higher levels . Now Nifty spot has immediate resistance near 8735 - 8755 zone which should be watched as closing above 8755 will be crucial for further upmove. Those who are holding weekly longs should move their cbsl to 8649 now . IF Nifty does not break and sustain above or close above 8755 we may see a correction again till 8622 - 8602 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 8728 we can see a initial move upto 8759 & on sustaining above 8767 we may see further upmove till 8822. Similarly if Nifty spot sustains below 8671 we may see a initial move on the downside upto 8640 & on sustaining below 8632 we may see a further downmove till 8577

Nifty Spot Levels for the day are

Long above 8728 for 8746 - 8767 - 8822 , SL 8690

Short below 8671 for 8653 - 8632 - 8577 , SL 8708

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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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