Nifty Outlook for 06th Oct

 In the previous session:

Nifty went up by 141 points before closing higher by 110 points on Thursday 

Nifty made a new lifetime high of 20222.45 on 15th Sep 2023 from the lows of 7511.10 made on 24th March 2020

On 05th Oct:

Nifty triggered our long trade with a gap up at our 2nd long target and almost completed our last target moving up further by 55 points

For 06th Oct:

Sustaining above 19585 can move towards 19605 - 19635 - 19705, SL 19555

Sustaining below 19505 can move towards 19485 - 19460 - 19390, SL 19535

In the Previous Week: 

Nifty traded sideways mostly between our weekly long and short trigger zone

Now for this week:

On the upside:

Nifty has to sustain and close above its weekly resistance at 19705 - 19750 to move towards its initial weekly long targets of 19865 - 19895 

Closing above 19895 Nifty may move towards its last weekly long targets of 19990 - 20100

On the downside:

Nifty has to sustain and close below its weekly support at 19570 - 19530 to move towards its initial weekly short targets of 19415 - 19385

Closing below 19385 Nifty may move towards its last weekly short targets of 19285 - 19180

So far this week Nifty made a low of 19333.60 completing our initial weekly short targets of 19415 - 19385 after triggering our weekly short trade with a close below 19530 and today closed at 19545.75. The cbsl for the weekly short trade is 19630

Now in the coming session Nifty has to break and sustain above 19585 to move towards 19630 - 19670.On the downside Nifty has to break and sustain below 19500 to move towards 19460 -19430.

In case of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks".

Join our Telegram Channel "simplytradestocks" for live index & 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: I am not SEBI registered and these are my personal views and one should do their own research or consult a financial advisor 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