Tuesday, 24 October 2017

Nifty Spot Outlook for 25th Oct

NIFTY


Nifty spot opened at 10218.55 and made a high of 10237.75 , it made a low of 10182.40 , before closing at 10207.70 . 

Had mentioned that long positions for the day can be taken above 10205 and short positions can be taken below 10165.  Nifty triggered our long trade and completed 2 targets . Nifty has today closed above our weekly long confirmation level and holding the same we can see a test of 10255 - 10270 . Today also Bank Nifty has not given a big move on the upside and we to wait and watch when it would give a close above 24460 to expect a stronger upmove . For any further upmove this month Nifty would need to sustain / close above the range of 10255 - 10270 . 

Had mentioned in the previous post " 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  . Breaking and sustaining above 10205 we can see a bounce till 10225 - 10235 initially and breaking and sustaining above it we can see a further move till 10250 - 10270" , and today we saw Bank Nifty make a high of 10237.75 just above our initial resistance levels . 

Now in the coming session Nifty needs to break and sustain below 10185 to test 10165 - 10160 initially and sustaining below it we can see a further correction till 10140 - 10120. Similarly breaking and sustaining above 10230 we can see a test of 10250 - 10255 initially and sustaining above it we can a further move till 10275 - 10295 . 


Nifty Spot Levels for the day are

Long above 10230 for 10240 - 10255 - 10295 , SL 10200

Short below 10185 for 10175 - 10160 - 10120 , SL 10215

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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.