Nifty Spot Outlook for 09th Jun

NIFTY

Nifty spot  opened  at 9682.40 , made a high of 9688.70 and then made a low of 9641.50 before closing at 9647.25. 

Had mentioned that long positions for the day can be taken above 9676 and short positions for the day can be taken below 9652 . Nifty opened above our daily long trigger and reversed from near our weekly long confirmation level of 9690 . Nifty went down to trigger our daily short level of 9652 and completed just 1 target.

The geopolitical issues is what can cause some concern for longs as and when it escalates .Nifty has a strong support near 9355 - 9335 currently and bigger correction can be expected only on closing below this range . Nifty has its immediate resistance near 9650 - 9670 zone and above that near 9750 - 9770 zone and those who had taken longs last week with a cbsl of 9335 should look to book near these levels after seeing the price action .Those who are still holding longs entered with the given cbsl of 9335 in the previous correction till 9341 should move up their trailing cbsl to 9620 spot now .Nifty has its immediate support near 9550 - 9520 zone and below it near 9480 - 9460 zone once its sustains / closes below 9620.Nifty needs to sustain above 9650 - 9670 zone for a test of 9715 - 9750 .  Had mentioned "Those who are looking to go short on further upmove this week should keep a strict cbsl of 9745 " and we got a move above 9709 for the same . Nifty needs to break and sustain above our weekly long confirmation level of 9713 for a initial move till 9750 .  

For today if Nifty spot sustains above 9656 we can see a initial move on the upside till 9665 & on sustaining above 9667 we may see further move till 9684 . Similarly if Nifty spot sustains below 9639 we may see a initial move on the downside till 9630 & on sustaining below 9627 we may see a further move till 9611. Once all the daily targets are achieved on any side then one should switch to the weekly levels given.

Nifty Spot Levels for the day are

Long above 9656 for 9661 - 9667 - 9684 , SL 9645

Short below 9639 for 9633 - 9627 - 9611 , SL 9650

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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.