Saturday, 12 October 2019

Weekly Spot Outlook Of Nifty For 14th to 18th Oct

NIFTY

This past week Nifty went down by 84 points, then went up by 188 points before finally ending the week with a gain of 130 points compared to last weekly closing. 


Nifty made a low of 11090.15 and made a low of 11362.90 in the previous week.

Had mentioned in previous weekly post that to enter a long trade Nifty needs to sustain/close above 11315 to test 11465 - 11505 initially and closing above it can go further till 11630 - 11770 and to enter a short trade Nifty needs to sustain below 11035 to test 10885 - 10845 initially and closing below it can go further till 10720 - 10580, and we saw Nifty trade mostly of the week between our long and short trigger levels and also failing to give below 11035 or above 11315 indicating indecisiveness. We can now expect a good move this week on whichever side we get a confirmation. 


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. 


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 11365 - 11400 in the coming sessions and only on getting a strong close above 11400 we can see a further upmove .


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  .


Nifty Spot Levels for the week are

Long above 11365 , Tgt  11400 - 11430 - 11460

IF Nifty spot manages to get a close / sustain above 11500 then ,

long again for 11530 - 11615 - 11710

Short below 11245 , Tgt 11210 - 11180 - 11150

IF Nifty spot manages to get a close / sustain below 11110 then, 

short again for 11080 - 10995 - 10900


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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