Nifty Support & Resistance and target for tomorrow 11th October 2017:
Nifty will face resistance near 10,050 and 10,100 levels whereas supports are placed at 9,980 and 9,950 levels. Tomorrow’s upside target for nifty will be 10,050 levels and on the downside 9,980 levels are possible.
Nifty trading calls for 11th October 2017:
Recommended on Oct 5th 2017, Nifty is looking strong compared to bank nifty so pair trade in Nifty and Bank Nifty will be safe trade, so buy Nifty futures 9,920 and sell Bank nifty futures at 24,140 for a target of 6000 and stop loss of Rs.4000. Position is currently losing by Rs. 688.50 and hold on the positions for 2 more days nifty is moving a small range and waiting for the break out.
How was the nifty’s intraday movement today October 10th 2017?
Nifty opened the day on a positive note by showing a gap up of 25 points and then after nifty was trading in a narrow range of 32 points for the whole day. We can see a volatile day today and market is waiting for break out or break down in the coming days.
Overall it’s a range bound day for markets and nifty closed near the opening levels for the second day in the row.
Only 18 of 50 nifty stocks closed in the red. UPL is the top gainer by gaining 3.37% and Eicher Motors is the top dragger by losing 1.03%.
Opening: 10,013.70; High: 10,034.00; Low: 10,002.30 Closing Price: 10,016.95(+28.20)
Nifty 26 OCT 2017 Expiry Futures closed at 10,035.70(+19.15)
Nifty Forecast/Outlook for 11th Oct 2017:
Today’s movement in the nifty shows a Doji pattern for the second day in the row which shows indecisiveness in the market as opening and closing prices are at the same levels.
Notable action of the day, index is forming higher highs and higher lows for the past 7 sessions and nifty is slowly moving up after the Friday’s breakout. For the past two days bulls and bears are fighting so that market is settling near the opening price.
If index managed to close below 9,950 levels then we can say the intermediate top is formed, but on the other hand nifty as closed above the 61% retraced move of the 491 points down move from the highs of 10,178 made on 19-sep-2017 and the lows of 9,687 made on 28-Sep-2017 which is suggesting more upside to come, but currently last two up move took more sessions compared to the down move sessions which indicates suggest bearish sentiment in the market.
Nifty needed to close above 10,050 levels or below 9,950 for the next up or down move.
What are the indicators which are positives and negatives for nifty?
Negatives: 10,050-10,100 will be acting as a strong supply zone and FII’s are increasing the short positions.
Positives: Markets well above 5-Day, 13-day, 20-Day and 100- Day moving averages and bullish signals in the charts.
Nifty trading range for 26th OCT 2017 Expiry: Nifty can move between 9400 – 10,100 levels.
Nifty Short term trend View: As long as nifty is staying above 9,700 on closing basis is positive for nifty. Currently 9,685 will be acting as an intraday support since it’s the 11-Aug-2017 swing lows from where nifty bounce back to 10,100 levels.
Nifty Strategies Performance:
|No of trades||Only 3|
|Total Points Gained||325 Points Gained|
|Total Profit||Rs 24,375|
Positional Nifty Call for 26 OCT 2017 Expiry Strategies:
- Wait for confirmation above 10,050 or below 9,930 levels to initiate a positional trade.
Previous Calls on Nifty
- Position Recommended on 21-Sep-2017: Sell Nifty 26-OCT-2017 futures around 10,100 with a target of 9,800 and a stop around 10,250.Target achieved in 5 days with a profit of 300 Points (i.e. Rs 22,500.00).
- Position created on 28-Sep-2017: Sell Nifty 26-OCT-2017 futures around 9,800 with a target of 9,550 and a closing stop around 9,950. Holding period: 15- 20 Days. Stop loss triggered ( i.e Rs. Loss of Rs.12500).
Visit our website on 11th OCT 2017 9.30 PM to get the nifty view for 12th Oct 2017.
Disclaimer – No Author at myfinanicalZone.com is registered with SEBI or any regulating authority as a Research Analyst or an Investment Adviser. Please Consult Your Investment Adviser before making any Investment/Trading decisions based on content posted in this Website. Here we write only what we do and all information posted in this website is for Educational purpose only</