Wednesday, 3 October 2018

Nifty Spot Outlook for 04th Oct

NIFTY


In the previous session Nifty spot opened at 10982.70, made a high of 10989.05,  then made a low of 10843.75,  before closing at 10858.25

Had mentioned that long trade will get triggered for the day on sustaining above 11040 and short trade will get triggered for the day on sustaining below 10975. Nifty initially triggered our short trade and did nearly 130 points 

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 had triggered our weekly longs with a borderline close above 11005 which is always not a clear sign . Nifty today triggered our weekly longs and now sustaining below 10855 we can see a test of 10775 - 10755 initially . Those who are short should keep a cbsl of 10910 and look to hold further only on gettting a close below 10775 - 10755  as below this zone even our monthly shorts will get active.

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 10890 to test 10925 - 10935 initially and sustaining above it we can see a further upmove till 10965 - 10995. Similarly breaking and sustaining below 10825 we can see a test of 10790 - 10780 initially and breaking and sustaining below it we can see a further correction till 10750 - 10720 . 


Nifty Spot Levels for the day are

Long above 10890 for 10910 - 10935 - 10995 , SL 10865

Short below 10825 for 10805 - 10780 - 10720 , SL 10850

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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.