Nifty Outlook for 16th Oct

 In the previous session : 

Nifty went up by 54 points then went down by 310 points before closing lower by 290 points on Thurssday as compared to the previous day's close.

Nifty had made a life time high of 12430.50 on 20th January and again failed to give a strong close above its congestion zone of 12300 - 12375 for the upward momentum to continue and we saw a correction till 7511.10 now . 

On 15th Oct :

Nifty initially triggered our long trade and completed 2 targets doing 30 points and took our TSL. Nifty then reversed to trigger our short trade and completed all targets and exceeded it as it broke the weekly supports and did 288 points.

For 16th Oct :

 

Sustaining above 11725 enter for 11755 - 11790 - 11875 , SL 11695

Sustaining below 11635 enter for 11605 - 11570 - 11485 , SL 11665

 

Now for this week :

Nifty has immediate resistance at 11955 - 11980 zone and closing above it we may see a further move towards 12045 - 12065 zone" , 

Nifty has immediate support at 11875 - 11850 zone and closing below it we may see a further move towards 11785 - 11765 zone . 

As mentioned above we saw Nifty make a high of 12025.45 near our next resistance and correct till 11661.30 so far this week. We were expecting Nifty to  face some resistance near 12045 - 12065 levels which it did and corrected and closed below our support. 

Now 11765 - 11785 is the immediate resistance zone on a bounce which it needs to cross and sustain else we can see the correction extend towards 11610 - 11480 zone. 

Incase we get a gap up beyond the 1st target then will update fresh levels as per pre opening on the telegram channel "simplytradestocks"

Join our Telegram Channel "simplytradestocks" for live stock trading ideas during market hours                                      

To receive this post daily in your inbox, kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

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.