Tuesday, 23 October 2018

Nifty Spot Outlook for 24th Oct

NIFTY


In the previous session Nifty spot opened at 10152.60, made a high of 10222.10 ,  made a low of 10102.35,  before closing at 10146.80

Had mentioned that long trade will get triggered for the day on sustaining above 10300 and short trade will get triggered for the day on sustaining below 10190. Nifty triggered our short trade and did 85 points . 

As mentioned " Now in this week Nifty needs to break and sustain / close above 10445 to test 10600 - 10635 initially and above it we can see a test of 10765 - 10910 . Similarly Nifty needs to break and sustain / close below 10160 to test 10010 - 9970 initially and below it we can see a test of 9840 - 9700 .So far Nifty is trading the range of 10160 - 10445 and we should get a break of this range for a good move . " , and today Nifty triggered our weekly short trade and did 100 points completing 2 targets and now sustaining below 10160 is required for a test of 10010 - 9970 in the coming sessions . Those who are holding shorts should keep a stoploss of 10260 .

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 has completed all our short targets  giving 500 points from the short trade and has made a low of 10102.35 till now in October . Now in the coming sessions Nifty needs to sustain / close below 10160 for a further move till 10070 - 9970 where one should book shorts . As we have 2 days left for expiry we can expect some pullback in the next days.

Now in the coming session Nifty needs to break and sustain above 10200 to test 10260 - 10275 initially and sustaining above it we can see a further upmove till 10325 - 10375. Similarly breaking and sustaining below 10095 we can see a test of 10035 - 10020 initially and breaking and sustaining below it we can see a further correction till 9970 - 9920 . 


Nifty Spot Levels for the day are

Long above 10200 for 10235 - 10275 - 10375 , SL 10165

Short below 10095 for 10060 - 10020 - 9920 , SL 10130

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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.