Nifty Support & Resistance and target for tomorrow 12th October 2017:
Nifty will face resistance near 10,015 and 10,150 levels whereas supports are placed at 9,950 and 9,920 levels. Tomorrow’s upside target for nifty will be 10,030 levels and on the downside 9,920 levels are possible.
Nifty trading calls for 12th October 2017:
Recommended on 12th October 2017: Nifty took 9 days to recover the loss which made in 4 sessions from 22-sep-2017 to 27-sep-2017. And today we can see a bearish signal in charts after two days of uncertain move. So one can sell nifty futures if nifty spot trades below 9,950 for a target of 9,800 with stop loss of 10,030. All the levels are spot levels.
Previous Call :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. Target achieved on 11-Oct-17. Profit of Rs 6000.
How was the nifty’s intraday movement today October 11th 2017?
Nifty opened the day on a positive note by showing a gap up of 26 points and moved higher to hit the highs of 10,067.25 and was trading strong till 1.10 PM.
After 1.10 PM nifty gave up 100 points to reach the lows of 9,955.80 and finally managed to end the day at 9,984 by losing 32 points for the day.
Only 16 of 50 nifty stocks closed in the green. Bharti Airtel is the top gainer by gaining 4.93% and Yes Bank is the top dragger by losing 2.65%.
Opening: 10,042.60; High: 10,067.25; Low: 9,955.80 Closing Price: 9,984.80(-32.15)
Nifty 26 OCT 2017 Expiry Futures closed at 9,992.50(-43.20)
Nifty Forecast/Outlook for 12th Oct 2017:
Today’s movement in the nifty shows a bearish pattern after the two days of doji pattern which signals bears are trying to take control of the market at the higher levels.
Notable action of the day, index after 7 days of higher highs and higher lows neglected the trend to close near the lows of the day. Nifty futures today’s volume is more or less equal to the last 2 days volume. To the surprise FII’s have bought 767 crores in the futures after two days of selling.
Nifty futures is trading with just 8 points which is also signalling bearish sentiment in the market.
Nifty needed to close above 10,050 levels or below 9,950 for the next up or down move.
Traders can take short trades if nifty trades below 9,950 and our view of 9,400 levels below hitting the new highs is still in place and this market is sell on raise for positional traders.
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 have rolled over the short positions.
Positives: Markets above 5-Day, 13-day, 20-Day and 100- Day moving averages.
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 12th OCT 2017 9.30 PM to get the nifty view for 13th Oct 2017.
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