Nifty Spot Outlook for 20th October

NIFTY

Nifty spot opened  at 8697.50 and made a high of 8698.75 , then went down till 8636.70 before closing at 8659.10 . Had mentioned that long positions can be taken above 8707 and short positions can be taken below 8649 for the day . Nifty triggered our short trade today but could not complete any targets . Nifty held on to our weekly long confirmation level of 8649 at close . Nifty has held on to its August months lows of  8515 - 8500 levels so far  where one can expect support  .  Had also mentioned in the previous post too 'If Nifty breaks below 8552 - 8522 supports and tests our next supports of 8480 - 8464 and does not sustain below it , then we can again see it move up to to test our resistance at 8673 - 8716 initially and above it till 8772 - 8813'. and today again we saw Nifty take resistance within 8673 - 8716 zone .  IF Nifty gives a consecutive close above 8755 along with Bank Nifty also closing above 19737 levels then we can expect higher levels . Now Nifty has resistance near 8735 -8755 zone which should be watched as closing above 8755 will be crucial for further upmove. Those who are holding weekly longs should keep a cbsl of 8603 .

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 8687 we can see a initial move upto 8717 & on sustaining above 8725 we may see further upmove till 8778. Similarly if Nifty spot sustains below 8631 we may see a initial move on the downside upto 8601 & on sustaining below 8594 we may see a further downmove till 8540

Nifty Spot Levels for the day are

Long above 8687 for 8705 - 8725 - 8778 , SL 8650

Short below 8631 for 8614 - 8594 - 8540 , SL 8668

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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.