Nifty Spot Outlook for 07th Oct

NIFTY

In the previous session Nifty spot opened at 11388.45 , made a high of 11400.30 , made a low of 11158.35,  before closing at 11174.75

Had mentioned that long trade will get triggered for the day on sustaining above 11400 and short trade will get triggered for the day on sustaining below 11225. Nifty triggered our short trade and completed 50+ points..

For this week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11315 and then enter for a initial target of 11465 - 11505 and look to hold further only on sustaining or getting a close above 11505 for the next targets of 11630 - 11770. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11035 and then enter for a initial target of 10885 - 10845 and look to hold further only on sustaining or getting a close below 10845 for the next targets of 10720 - 10580. 

For the month of October , longs will get confirmed in Nifty with a consecutive close above 12085 for a initial target of 12630 - 12770 and sustaining / closing above 12770 we can see a further move till 13240 - 13755 .  Similarly shorts will get confirmed with a consecutive close below 11055 for  a initial target of 10510 - 10375 and sustaining / closing below 10375 we can see a further move till 9905 - 9390 .

Now on the upside Nifty has immediate resistance near 11265 - 11315 in the coming sessions and only on getting a strong close above 11315 we can see a further upmove .

On the downside Nifty has immediate support near 11085 - 11035 in the coming sessions and on getting a strong close below 11035 we can see a further correction . If Nifty manages to find support near 11085 - 11035 levels then we can expect to see a bounce towards 11265 - 11315 .

Now in the coming session Nifty needs to break and sustain above 11230 test 11285 - 11300 initially and sustaining above it we can see a further upmove till 11350 - 11400. Similarly breaking and sustaining below 11120 we can see a test of 11065 - 11050 initially and breaking and sustaining below it we can see a further correction till 11000 - 10950.

Nifty Spot Levels for the day are

Long above 11230 for 11260 - 11300 - 11400 , SL 11190

Short below 11120 for 11090 - 11050 - 10950 , SL 11160

Telegram Channel will be active from October for live trades under the name of Simply Trade . Those who wish to join can click on this link and open it with telegram https://t.me/simplytradestocks

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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.