Nifty Spot Outlook for 10th October

NIFTY

Nifty spot opened  at 8721.70 and made a high of 8723.70 , then went down till 8663.80 before closing at 8697.60 . Had mentioned that long positions can be taken above 8739 and short positions can be taken below 8680 for the day . Nifty triggered our short trade but could not complete any target .  As have been mentioning since the last 3 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 8663.80 . Had mentioned in the previous posts that ' We may face some resistance near 8772 - 8813 levels tomorrow ' and we saw Nifty take resistance in this range the whole of last week . 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 broke the lower range of this support and managed to close within this range and above our weekly long confirmation level but also just below 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 on closing basis. If Nifty manages to give a consecutive close above 8755 again then we can see a upmove till 8900 levels but even Bank Nifty will have to close above 19737 levels for the same. For a week to week close Nifty has closed with a gain of 86 points and holding the lows of this week we may see a retest of 8772 - 8813 levels again if even global cues are positive.

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 8725 we can see a initial move upto 8753 & on sustaining above 8761 we may see further upmove till 8812. Similarly if Nifty spot sustains below 8671 we may see a initial move on the downside upto 8642 & on sustaining below 8635 we may see a further downmove till 8583

Nifty Spot Levels for the day are

Long above 8725 for 8741 - 8761 - 8812 , SL 8689

Short below 8671 for 8654 - 8635 - 8583 , SL 8706

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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.