Thursday, 6 October 2016

Nifty Spot Outlook for 07th October

NIFTY


Nifty spot opened  at 8768.70 and made a high of 8781.15 , then went down till 8684.65 before closing at 8709.55 . Had mentioned that long positions can be taken above 8774 and short positions can be taken below 8714 for the day . Nifty opened gap up and triggered our long trade but could not complete any target and took our SL . It then went down to trigger our short trade and completed 1 target.    As have been mentioning since the last 2 posts ' Though Nifty has given a close above our uptrend level of 8755 on Tuesday we would need a consecutive close above it to hold long positions else we may retest again 8673 - 8716 levels ' and today Nifty made a low of 8684.65 . Had mentioned in the previous posts that ' We may face some resistance near 8772 - 8813 levels tomorrow ' and we saw Nifty take resistance for the third day in this range . Also had mentioned in the previous poist ' Unable to now break above this range can see Nifty go back and retest 8550 levels again on a break of 8716 - 8673 levels ' and today nifty took support near the lower end of this range and managed to close above 8700 . Nifty had been taking support near 8515 - 8500 levels in the entire month of August & has managed to take support near 8550 levels in the month of September , so one can expect good support in the zone of 8552 - 8522 for now. Incase we break below this support then we have our next immediate supports at 8480 - 8464 as mentioned in the weekly post too . Nifty had comfortably broken above 8673 - 8716 a couple of sessions ago and the same is now our immediate support. If Nifty manages to give a consecutive close above 8755 again then we can see a upmove till 8900 levels . Tomorrow is the weekly close too and if Nifty does not break and sustain below 8673 then we may see a retest of the resistance zone of 8772 - 8813 .

For the month of October we can expect uptrend in Nifty spot on a consecutive closing above 8755 and downtrend to continue on a consecutive closing below 8467 .

For today if Nifty spot sustains above 8739 we can see a initial move upto 8771 & on sustaining above 8779 we may see further upmove till 8836. Similarly if Nifty spot sustains below 8680 we may see a initial move on the downside upto 8648 & on sustaining below 8640 we may see a further downmove till 8583


Nifty Spot Levels for the day are

Long above 8739 for 8758 - 8779 - 8836 , SL 8700

Short below 8680 for 8661 - 8640 - 8583 , SL 8719

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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.