Monday, 23 October 2017

Nifty Spot Outlook for 24th Oct

NIFTY


Nifty spot opened at 10176.65 and made a high of 10224.15 , it made a low of 10124.50, before closing at 10184.85 . 

Had mentioned that long positions for the day can be taken above 10170 and short positions can be taken below 10125.  Nifty triggered our long trade and missed our last target by 11 points . Nifty has also closed above our weekly long trigger and would need to sustain / close above 10200 for weekly long trade to get confirmed .This entire rally has not seen Bank Nifty participate and tomorrow we have a big result of HDFC Bank which might be the decider for Bank Nifty's next move .


Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain below 10125 to test  10105 - 10000 initially and sustaining below it we can see a further correction till 10080 - 10060  . Breaking and sustaining above 10170 we can see a bounce till 10190 - 10195 initially and breaking and sustaining above it we can see a further move till 10215 - 10235." , and today we saw Bank Nifty make a high of 10224.15 within our next resistance level and also take support near 10125 .

Now in the coming session Nifty needs to break and sustain below 10165 to test 10145 - 10135 initially and sustaining below it we can see a further correction till 10120 - 10100. Similarly breaking and sustaining above 10205 we can see a test of 10225 - 10235 initially and sustaining above it we can a further move till 10250 - 10270 . 


Nifty Spot Levels for the day are

Long above 10205 for 10220 - 10235 - 10270 , SL 10180

Short below 10165 for 10150 - 10135 - 10100 , SL 10190

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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.