Market Outlook for Next week 05-10-2020 to 09-10-2020

 Nifty-50

Weekly Chart of Nifty:-


On a weekly chart Nifty has retest the Long term trendline. Since last 10 Weeks market is trading near long term trendline but fail to sustain above it. This clearly indicates that there is strong fight between bulls and bears around this line. Hence, for coming week if Nifty starts trading above 11500 then we may see upside rally towards 11700-11750. And below 11400 we may see downside rally towards 11200-11150. 


Daily Chart of Nifty:-


On a Daily chart Nifty is closed between Strong Resistance Zone and Support Zone. Coming week will be very interesting from fresh breakout or breakdown point of view. Fresh move can be seen above 11600 and below 11170.

Option Chain of Nifty for Expiry on 08-10-2020:-



According to Option Chain data 11400 is make or break level for coming week. Because there is almost same amount of Open Interest in Call and Put. And strong resistance at 11500-11600 strike price with Highest open interest in Call. While at 11000-111200 strike price there is strong support with Highest Open interest in Put. Level of Daily chart and option chain almost match with Support and resistance point of view. Bigger range for Nifty for next week will be 11600-11150.


How to Trade in Nifty for Tomorrow:-

One can buy above 11450 with Stop Loss at 11385 for Target of 11470-11530.

One can short below 11365 with Stop Loss at 11420 for Target of 11315-11280.

Bank Nifty

Weekly Chart of Bank Nifty:-


On a weekly chart Bank Nifty is trading in range of 1000 point. And same will be continue in coming week also. Important levels are mentioned on chart from Support and Resistance point of view. We may see both side trading moves in Bank Nifty, and fresh upside rally can be seen only above 23500 and downside rally below 20500. Currently Bank Nifty closed at 22246 and next resistance is placed around 22500-22700. Hence, above 22200 bank nifty can test level of 22500-22700. And below 22000 it can test downside level of 21500-21000.

Daily Chart of Bank Nifty:-


On a Daily Chart Bank Nifty closed at 22246 and immediate resistance is placed around 22500-22700, and therefore Bank Nifty can test that level in positive market sentiments. However, below 22000 downside risk is placed around 21500-21700 and it can test that level in negative market sentiments. And above 22700 fresh upside rally towards 23000-23200 can be seen and below 21500 fresh downside rally towards 21000 can be seen.

Option Chain Analysis of Bank Nifty for Expiry on 08-10-2020:-


According to Option Chain data also range of Bank Nifty for Coming week is expected between 21000-22600 and same kind of structure is formed on daily chart also. As per Option chain data 22000 is make or break level of Bank Nifty. Above 22000 we may see upside level of 22500-22700 and below 22000 we may see level of 21500-21000. 


How to Trade in Bank Nifty for Tomorrow:-

One can buy above 22475 with Stop Loss at 22160 for Target of 22700-23100.

One can short below 21830 with Stop Loss at 22150 for Target of 21440-21200.



Thank You..

Happy Trading.
"Learn & Earn"...!!



(Disclaimers:- Above is my personal view on market for Next Week. It is neither Paid service nor tip. Just for educational purpose only. Take your own decision before any trade).

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