Sunday, 29 October 2017

Nifty Spot Outlook for 30th Oct

NIFTY


Nifty spot opened at 10362.30 and made a high of 10366.15 , it made a low of 10311.30, before closing at 10323.05 . 

Had mentioned that long positions for the day can be taken above 10365 and short positions can be taken below 10325.  Nifty tested long our long trigger and reversed without sustaining . It then triggered our short trade and completed just 1 target . Bank Nifty was not able to sustain in the green after the big day of PSU banks move which kept adding pressure on the Nifty .Still Nifty gave nearly 180 points after confirming the weekly long trade last week.

Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain below 10325 to test  10305 - 10300 initially and sustaining below it we can see a further correction till 10285 - 10270  . Similarly breaking and sustaining above 10365 we can see a bounce till 10380 - 10385 initially and breaking and sustaining above it we can see a further move till 10400 - 10420" , and today we saw Nifty make a high of 10366.15 and reverse immediately to make a low of 10311.30 just above our initial support level of 10305 - 10300 . 

Now in the coming session Nifty needs to break and sustain below 10305 to test 10285 - 10280 initially and sustaining below it we can see a further correction till 10265 - 10250. Similarly breaking and sustaining above 10340 we can see a test of 10360 - 10365 initially and sustaining above it we can a further move till 10380 - 10395 . 


Nifty Spot Levels for the day are

Long above 10340 for 10350 - 10365 - 10395 , SL 10315

Short below 10305 for 10295 - 10280 - 10250 , SL 10330

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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.