Tuesday, 9 October 2018

Nifty Spot Outlook for 10th Oct

NIFTY


In the previous session Nifty spot opened at 10390.30 , made a high of 10397.60 ,  made a low of 10279.35,  before closing at 10301.05

Had mentioned that long trade will get triggered for the day on sustaining above 10395 and short trade will get triggered for the day on sustaining below 10300. Today Nifty majorly traded between our long and short trigger levels and was not able to sustain on either side . 

As mentioned " 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 . " , and so far Nifty has been trading between our long and short levels for the week .  In the coming sessions we can expect the range of 10190 - 10440 to be broken and sustained . 


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 . As mentioned " 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." , and today again we saw a bounce back till 10385 levels but being unable to sustains above it for a further upmove . 

Now in the coming session Nifty needs to break and sustain above 10345 to test 10390 - 10400 initially and sustaining above it we can see a further upmove till 10440 - 10485. Similarly breaking and sustaining below 10255 we can see a test of 10200 - 10200 initially and breaking and sustaining below it we can see a further correction till 10160 - 10120 . 


Nifty Spot Levels for the day are

Long above 10345 for 10370 - 10400 - 10485 , SL 10315

Short below 10255 for 10230 - 10200 - 10120 , SL 10290

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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.