Weekly Spot Outlook Of Nifty For 29th Oct to 01st Nov

Wishing everyone a very Happy Diwali and a Prosperous New Year

NIFTY

This past week Nifty went up by 53 points, then went down by 171 points before finally ending the week with a loss of 78 points compared to last weekly closing. 

Nifty made a high of 11714.35 and made a low of 11490.75 in the previous week.

Had mentioned in previous weekly post that to enter a long trade Nifty needs to sustain/close above 11745 to test 11825 - 11850 initially and closing above it can go further till 11920 - 12000 and to enter a short trade Nifty needs to sustain below 11580 to test 11500 - 11475 initially and closing below it can go further till 11405 - 11325, and we saw Nifty trigger our short trade and make a low of 11490.75 completing all our weekly targets giving 100+ points .

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11640 and then enter for a initial target of 11700 - 11715 and look to hold further only on sustaining or getting a close above 11715 for the next targets of 11770 - 11825. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11525 and then enter for a initial target of 11465 - 11450 and look to hold further only on sustaining or getting a close below 11450 for the next targets of 11400 - 11345. 

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 11620 - 11640 in the coming sessions and on getting a strong close above 11640 we can see a further upmove till 11700 - 11715.

On the downside Nifty has immediate support near 11550 - 11525 in the coming sessions and on getting a strong close below 11525 we can see a down move towards 11465 - 11450 levels .

Nifty Spot Levels for the week are

Long above 11620 , Tgt  11640 - 11660 - 11675

IF Nifty spot manages to get a close / sustain above 11700 then ,

long again for 11715 - 11770 - 11825

Short below 11550 , Tgt 11525 - 11510 - 11490

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

short again for 11450 - 11400 - 11345

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.