Tuesday, 2 October 2018

Nifty Spot Outlook for 03rd Oct

NIFTY


In the previous session Nifty spot opened at 10930.90, made a low of 10821.55,  then made a high of 11035.65,  before closing at 11008.30

Had mentioned that long trade will get triggered for the day on sustaining above 10960 and short trade will get triggered for the day on sustaining below 10900. Nifty initially triggered our short trade at opening and did nearly 80 points completing all our daily short targets . It then reversed and triggered our long trade and did 75 points on the long side. 

As mentioned previously "Now in this week Nifty needs to break and sustain / close above 11005 to test 11085 - 11105 initially and above it we can see a test of 11170 - 11245 . Similarly Nifty needs to break and sustain / close below 10855 to test 10775 - 10755 initially and below it we can see a test of 10690 - 10620 . " , Nifty has triggered our weekly longs with a borderline close above 11005 and it needs to sustain above it in the coming session to test our initial targets of 11085 - 11105. Those who are holding longs for the initial targets should keep a stoploss of 10955.

For the month of October ,Nifty longs will get confirmed with a consecutive close above 11085 for a initial target of 11245 - 11290 and sustaining / closing above it we can see a further test of 11425 - 11580 . Similarly , shorts will get confirmed with a consecutive close below  10775 for a initial target of 10615 - 10575 and sustaining / closing below it we can see a further move till 10435 - 10285 . Nifty can face resistance from near 11185 - 11245 zones itself and once should watch the price action incase it nears these levels in the coming week.

Now in the coming session Nifty needs to break and sustain above 11040 to test 11070 - 11080 initially and sustaining above it we can see a further upmove till 11100 - 11140. Similarly breaking and sustaining below 10975 we can see a test of 10945 - 10935 initially and breaking and sustaining below it we can see a further correction till 10910 - 10880 . 


Nifty Spot Levels for the day are

Long above 11040 for 11060 - 11080 - 11140 , SL 11000

Short below 10975 for 10955 - 10935 - 10880 , SL 11015

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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.