Nifty Spot Outlook for 23rd Oct

NIFTY

In the previous session Nifty spot opened at 11657.15 , made a high of 11714.35 , made a low of 11573.65,  before closing at 11588.35

Had mentioned that long trade will get triggered for the day on sustaining above 11695 and short trade will get triggered for the day on sustaining below 11630. Nifty triggered our long trade and completed just 1 target and took our TSL. Nifty then reversed and triggered our short trade and completed 2 targets giving 40 points from the short trade   .

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11745 and then enter for a initial target of 11825 - 11850 and look to hold further only on sustaining or getting a close above 11850 for the next targets of 11920 - 12000. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11580 and then enter for a initial target of 11500 - 11475 and look to hold further only on sustaining or getting a close below 11475 for the next targets of 11405 - 11325. 

Today Nifty has closed marginally above our weekly short confirmation levels of 11580 and breaking and sustaining below it we can see a move towards 11500 - 11475. Unable to sustain below it we can see it bounce back.

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 11710 - 11745 in the coming sessions and on getting a strong close above 11745 we can see a further upmove .

On the downside Nifty has immediate support near 11615 - 11580 in the coming sessions and on getting a strong close below 11580 we can see a down move towards 11475 - 11440 levels .

Nifty took resistance near 11710 - 11745 after making a high of 11714.35 today and reversed to test our support zone of 11615 - 11580 with a low of 11573.65. Nifty needs to hold above 11580 in the coming session to indicate strength for bounce again else sustaining / closing below it we can see a move towards 11475 - 11440 levels where we have our next support.

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

Now in the coming session Nifty needs to break and sustain above 11620 to test 11655 - 11665 initially and sustaining above it we can see a further upmove till 11690 - 11720. Similarly breaking and sustaining below 11555 we can see a test of 11525 - 11515 initially and breaking and sustaining below it we can see a further correction till 11485 - 11455.

Nifty Spot Levels for the day are

Long above 11620 for 11640 - 11665 - 11720 , SL 11595

Short below 11555 for 11535 - 11515 - 11455 , SL 11580

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.