Thursday, 11 October 2018

Nifty Spot Outlook for 12th Oct

NIFTY


In the previous session Nifty spot opened at 10169.80 , made a low of 10138.60 ,  made a high of 10335.95,  before closing at 10234.65

Had mentioned that long trade will get triggered for the day on sustaining above 10515 and short trade will get triggered for the day on sustaining below 10405. Nifty opened with a big gap down and did not give any fresh trade today.

As mentioned " Now in this week Nifty needs to break and sustain / close above 10515 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 today Nifty broke below our weekly short confirmation but did not give close below it . Weekly longs stoploss of 10355 has been taken and it should act as a resistance for the coming session. 

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 Now in the coming sessions Nifty needs to sustain / close below 10245 for a further move till 10070 - 9940 ." , and Nifty confirmed our monthly shorts and has completed all our short targets  giving 500 points from the short trade . Today it made a new low for the month of 10138.60 .  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 Nifty made a high of 10482.35 in the previous session before resuming correction today based on negative global cues .


Now in the coming session Nifty needs to break and sustain above 10290 to test 10350 - 10360 initially and sustaining above it we can see a further upmove till 10410 - 10465. Similarly breaking and sustaining below 10180 we can see a test of 10120 - 10110 initially and breaking and sustaining below it we can see a further correction till 10060 - 10000 . 


Nifty Spot Levels for the day are

Long above 10290 for 10325 - 10360 - 10465 , SL 10250

Short below 10180 for 10145 - 10110 - 10000 , SL 10220

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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.