Saturday, 5 October 2019

Weekly Spot Outlook Of Nifty For 07th to 11th Oct

NIFTY

This past week Nifty went up by 42 points, then went down by 354 before finally ending the week with a loss of 338 points compared to last weekly closing. 


Nifty made a high of 11554.20 and made a low of 11158.35 in the previous week.

Had mentioned in previous weekly post that to enter a long trade Nifty needs to sustain/close above 11760 to test 12020 - 12085 initially and closing above it can go further till 12310 - 12560 and to enter a short trade Nifty needs to sustain below 11265 to test 11005 - 10940 initially and closing below it can go further till 10715 - 10470, and we saw Nifty trigger our short trade and complete 100 points. 


For the coming 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 .


Nifty Spot Levels for the week are

Long above 11265 , Tgt  11315 - 11360 - 11405

IF Nifty spot manages to get a close / sustain above 11465 then ,

long again for 11505 - 11630 - 11770

Short below 11085 , Tgt 11035 - 10990 - 10945

IF Nifty spot manages to get a close / sustain below 10885 then, 

short again for 10845 - 10720 - 10580


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  


P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels and keep trailing your stoploss .

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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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