Wednesday, 9 October 2019

Nifty Spot Outlook for 10th Oct

NIFTY


In the previous session Nifty spot opened at 11152.95 , made a low of 11090.15 , made a high of 11321.60,  before closing at 11313.30


Had mentioned that long trade will get triggered for the day on sustaining above 11155 and short trade will get triggered for the day on sustaining below 11095. Nifty triggered our short trade initially but did not sustain and took our stoploss. Nifty then triggered our long trade and completed all targets and went beyond it giving 150+ points from the long trade after an indecisive previous trading day. 

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. 


Nifty has closed near our weekly long trigger and sustaining / closing above 11315 in the coming session can take us towards 11465 - 11505.




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 .



Nifty has closed at the upper end of its resistance zone of 11265 - 11315 today and sustaining above 11315 we can see it move towards its next resistance of 11435 - 11465 . 


As mentioned in the previous post " 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 ." , and Nifty today made a low of 11090.15 and bounced strongly to make a high of 11321.60 .

Now on the downside Nifty has immediate support at 11260 - 11220 and it needs to hold it for this upmove to show strength. 



Now in the coming session Nifty needs to break and sustain above 11355 to test 11400 - 11410 initially and sustaining above it we can see a further upmove till 11450 - 11490. Similarly breaking and sustaining below 11270 we can see a test of 11230 - 11215 initially and breaking and sustaining below it we can see a further correction till 11180 - 11140.


Nifty Spot Levels for the day are

Long above 11355 for 11380 - 11410 - 11490 , SL 11325

Short below 11270 for 11245 - 11215 - 11140 , SL 11300

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.

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