Weekly Spot Outlook Of Nifty For 11th to 15th Jun

NIFTY

This week Nifty spot went down by 145 points then went up by 83 points before finally ending the week with a gain of 71 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 10775 to trigger uptrend and Nifty spot needed to sustain and close below 10620 to trigger downtrend for the week. Nifty made a high of 10779.45 and made a low of 10550.90. 

As mentioned in the previous weekly post " Now in the coming week Nifty needs to break and sustain above 10775 to test 10855 - 10875 initially and above it we can see a test of 10945 - 11020 . Breaking and sustaining below 10620 we can see a test of 10540 - 10520 initially and below it we can see a test of 10450 - 10375 . Those who are holding longs should now move their trailing stoploss to 10620 and can hold further on getting a close above 10775 for the initial targets . Those who are looking to enter fresh shorts near the initial targets of 10855 - 10875 should keep a cbsl of 10875 or enter shorts below 10620 with a cbsl of 10675 . " , and we saw Nifty not being able to go above 10775 on Monday indicating previous week longs to exit and Nifty reversed to make a low of 10550.90 near our initial short targets of 10540 - 10520 and again bounce back towards the end of the week. 

Now in the coming week Nifty needs to break and sustain above 10835 to test 10910 - 10925 initially and above it we can see a test of 10990 - 11055 . Breaking and sustaining below 10700 we can see a test of 10625 - 10610 initially and below it we can see a test of 10545 - 10480 . Those who looking to enter fresh longs should wait for Nifty to sustain / close above 10835 and look to hold further only on getting a close above 10910 - 10925 zone . Those who are looking to enter fresh shorts should wait for close below 10700 or look to short near 10910 - 10925 with a strict cbsl of 10925 spot. 

For the month of June , longs will get confirmed with a consecutive close above 10905 for a initial target of 11085 - 11125 and sustaining / closing above it we can see a further move till 11280 - 11450 .  Similarly shorts will get confirmed with a consecutive close below 10565 for  a initial target of 10390 - 10345 and sustaining / closing below it we can see a further move till 10190 - 10025 .Nifty has strong resistance in the zone of 10840 - 10910 for this month and we need to get a strong close above it for a upmove . 

Nifty Spot Levels for the week are

Long above 10810 , Tgt  10835 - 10855 - 10880

IF Nifty spot manages to get a close / sustain above 10910 then ,

long again for 10925 - 10990 - 11055

Short below 10725 , Tgt 10700 - 10675 - 10655

IF Nifty spot manages to get a close / sustain below 10625 then, 

short again for 10610 - 10545 - 10480

P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels and keep trailing your stoploss .

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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.