Sunday, 23 October 2016

Nifty Spot Outlook for 24th October


Nifty spot opened  at 8708.60 and made a high of 8709.10 , then went down till 8652.05 before closing at 8693.05 . Had mentioned that long positions can be taken above 8728 and short positions can be taken below 8671 for the day . Nifty triggered our short trade today and completed 1 target giving around 18 points . Nifty failed to close above 8700 again but also did not break below our weekly long confirmation level of 8649 .  Nifty has so far held on to its August months lows of  8515 - 8500 levels and taken 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 we saw our initial resistance levels getting tested with a high of 8727 last week . 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. Next resistance is near 8815 - 8850 spot .Those who are long should move their cbsl to 8649 spot 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 8722 we can see a initial move upto 8752 & on sustaining above 8760 we may see further upmove till 8814. Similarly if Nifty spot sustains below 8664 we may see a initial move on the downside upto 8634 & on sustaining below 8627 we may see a further downmove till 8572

Nifty Spot Levels for the day are

Long above 8722 for 8739 - 8760 - 8814 , SL 8684

Short below 8664 for 8647 - 8627 - 8572 , SL 8702

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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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