Nifty Support & Resistance and target for tomorrow 23th October 2017:
Nifty will face resistance near 10,180 and 10,220 levels whereas supports are placed at 10,100 and 10,050 levels. Tomorrow’s upside target for nifty will be 10,200 levels and on the downside 10,100 levels are possible.
Nifty trading calls for 23th October 2017:
Recommended for 23th October 2017: Nifty is looking strong compared to bank nifty. So its better to initiate a pair trade around 9.20 AM in the index by buying nifty futures and selling bank nifty futures. For target of Rs. 6,000 and stop loss to Rs 4,000.
Previous trading Calls:
- 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.
- Recommended on Oct 6th 2017: Nifty took 9 days to recover the loss make 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. Call not initiated.
How was the nifty’s intraday movement today October 19th 2017?
One hour Muhurut session opened the day flat and move lower and lower to reach 10,123.35 by break the 5-Day EMA.
In the closing minutes nifty recovered 23 points to close at 10,146.55.
Only 6 of 50 nifty stocks closed in the green. Bharti Airtel is the top gainer by gaining 2.55% and ICICI Bank is the top dragger by losing 2.01%.
Opening: 10,210.35; High: 10,211.95; Low: 10,123.35 Closing Price: 10,146.55(-64.30)
Nifty 26 OCT 2017 Expiry Futures closed at 10,146.15(-91.35)
Nifty Forecast/Outlook for 23th Oct 2017:
Nifty movement during muhurut session shows a break down since there is bearish candle in the charts which is formed after 2-days of indecisiveness movement.
Notable action of the day, index closed below 5-Day EMA after 12 trading sessions which sends a bearish bias in the market and also shows tiredness in the higher levels where as FII’s have been buyer in this series.
Since we are in expiry week and FII’s have rolled over more of the shorts in the last expiry but in this month FII’s have bought futures so we are expected not much upside in this week. And there is chance nifty can test 10,000 levels.
What are the indicators which are positives and negatives for nifty?
Negatives: Nifty closed below 5-Day EMA and there are FII’s short positions which got rolled over from Sep to Oct.
Positives: Markets above 13-day, 20-Day and 100- Day moving averages.
Nifty 26th OCT 2017 Expiry level: Nifty can close this expiry around 10,000- 10,150 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:
- Position Recommended on 23-OCT-2017: Sell Nifty 30 Nov 2017 Futures around 10,190-10,200 for a target of 10,000 with stop around 10,310.Holding period: 10 Days.
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 23th OCT 2017 9.30 PM to get the nifty view for 24th Oct 2017.
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