Thursday, 18 October 2018

Nifty Spot Outlook for 19th Oct

NIFTY


In the previous session Nifty spot opened at 10688.70 , made a high of 10710.15 ,  made a low of 10436.45,  before closing at 10453.05

Had mentioned that long trade will get triggered for the day on sustaining above 10655 and short trade will get triggered for the day on sustaining below 10515. Nifty initially triggered our long trade with a gap up opening and did not give a chance to enter . Nifty then triggered our short trade and 80 points  .

As mentioned earlier "Now in this week Nifty needs to break and sustain / close above 10665 to test 10845 - 10895 initially and above it we can see a test of 11055 - 11235 . Similarly Nifty needs to break and sustain / close below 10290 to test 10100 - 10055 initially and below it we can see a test of 9890 - 9710 ." , and Nifty opened above 10665 but could not sustain and got sold off.  Now in the coming session it needs to hold above 10290 to expect a pullback again.

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 and has made a low of 10138.60 till now in . 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. Now it needs to sustain above 10500 to make a move towards 10615 - 10665 in the coming session where it has good resistance and if sustains below 10500 it can go back to 10385 and lower levels . " , and Nifty today made a high of 10710.15 and as expected it got sold off aggressively. Now sustaining below 10500 we can see a retest of 10385 - 10285.

Now in the coming session Nifty needs to break and sustain above 10515 to test 10580 - 10600 initially and sustaining above it we can see a further upmove till 10655 - 10715. Similarly breaking and sustaining below 10390 we can see a test of 10325 - 10310 initially and breaking and sustaining below it we can see a further correction till 10250 - 10190 . 


Nifty Spot Levels for the day are

Long above 10515 for 10555 - 10600 - 10715 , SL 10470

Short below 10390 for 10355 - 10310 - 10190 , SL 10435

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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.