Thursday, 17 October 2019

Nifty Spot Outlook for 18th Oct

NIFTY


In the previous session Nifty spot opened at 11466.30 , made a low of 11439.65 , made a high of 11599.10,  before closing at 11586.35


Had mentioned that long trade will get triggered for the day on sustaining above 11500 and short trade will get triggered for the day on sustaining below 11425. Nifty triggered our long trade and completed 100 points   .



For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11400 and then enter for a initial target of 11500 - 11530 and look to hold further only on sustaining or getting a close above 11530 for the next targets of 11615 - 11710. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11210 and then enter for a initial target of 11110 - 11080 and look to hold further only on sustaining or getting a close below 11080 for the next targets of 10995 - 10900. 

Nifty had triggered our weekly long trade and today made a high of 11599.10 giving 200 points from the weekly long trade . Those who want to enter fresh longs now should keep a trailing stoploss of 11545 and hold for the next targets of 11615 - 11710 .







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 11610 - 11625 in the coming sessions and only on sustaining above it we can see a further upmove. Failing to sustain above 11625 can see some profit booking . Those who are looking to enter fresh longs on correction should keep a cbsl of 11500.

On the downside Nifty has immediate support near 11245 - 11210 in the coming sessions and on getting a strong close below 11210 we can see a move again to break 11100 levels  .

As long as Nifty is able to hold / close above 11035 in case of a strong correction we can expect a upmove again.





Now in the coming session Nifty needs to break and sustain above 11625 to test 11665 - 11675 initially and sustaining above it we can see a further upmove till 11710 - 11745. Similarly breaking and sustaining below 11545 we can see a test of 11510 - 11500 initially and breaking and sustaining below it we can see a further correction till 11465 - 11425.


Nifty Spot Levels for the day are

Long above 11625 for 11645 - 11675 - 11745 , SL 11600

Short below 11545 for 11525 - 11500 - 11425 , SL 11575

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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