Monday, 21 October 2019

Weekly Spot Outlook Of Nifty For 22nd Oct to 25th Oct

NIFTY

This past week Nifty went down by 15 points, then went up by 380 points before finally ending the week with a gain of 357 points compared to last weekly closing. 


Nifty made a low of 11290.05 and made a high of 11684.70 in the previous week.

Had mentioned in previous weekly post that to enter a long trade Nifty needs to sustain/close above 11400 to test 11500 - 11530 initially and closing above it can go further till 11615 - 11710 and to enter a short trade Nifty needs to sustain below 11210 to test 11110 - 11080 initially and closing below it can go further till 10995 - 10900, and we saw Nifty trigger our long trade and make a high of 11684.70 nearly completing all our weekly targets giving 300+ points . Had mentioned previously that we can expect a good move on whichever side we get a confirmation for the week.


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. 

&

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. 


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 Spot Levels for the week are

Long above 11715 , Tgt  11745 - 11765 - 11790

IF Nifty spot manages to get a close / sustain above 11825 then ,

long again for 11850 - 11920 - 12000

Short below 11610 , Tgt 11580 - 11560 - 11535

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

short again for 11475 - 11405 - 11325


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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