Nifty Spot Outlook for 08th Oct

NIFTY

In the previous session Nifty spot opened at 10514.10 , made a high of 10540.65 ,  then made a low of 10261.90,  before closing at 10316.45

Had mentioned that long trade will get triggered for the day on sustaining above 10640 and short trade will get triggered for the day on sustaining below 10560. Nifty initially triggered our short trade and did nearly 300 points 

Now in this week Nifty needs to break and sustain / close above 10440 to test 10575 - 10610 initially and above it we can see a test of 10720 - 10845 . Similarly Nifty needs to break and sustain / close below 10190 to test 10060 - 10025 initially and below it we can see a test of 9915 - 9790 .  

Also as mentioned " 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 ." , and Nifty confirmed our monthly shorts and completed all our short targets with a low of 10261.90 giving 500 points from the short trade. Now in the coming sessions Nifty needs to sustain / close below 10245 for a further move till 10070 - 9940 . Since we have fallen sharply we can see a small bounce this week , but Nifty has resistance near 10385 - 10500 zone initially and above it near 10665 - 10765 zone where one should be cautious incase of a bounce.

Now in the coming session Nifty needs to break and sustain above 10365 to test 10415 - 10425 initially and sustaining above it we can see a further upmove till 10470 - 10515. Similarly breaking and sustaining below 10270 we can see a test of 10220 - 10205 initially and breaking and sustaining below it we can see a further correction till 10165 - 10115 . 

Nifty Spot Levels for the day are

Long above 10365 for 10395 - 10425 - 10515 , SL 10330

Short below 10270 for 10240 - 10205 - 10115 , SL 10305

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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.