Weekly Spot Outlook Of Nifty for 04th to 08th Jun

NIFTY

This week Nifty spot went down by 47 points then went down by 160 points before finally ending the week with a gain of 91 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 10675 to trigger uptrend and Nifty spot needed to sustain and close below 10535 to trigger downtrend for the week. Nifty made a high of 10764.75 and made a low of 10558.45. 

As mentioned in the previous weekly post " Now in the coming week Nifty needs to break and sustain above 10675 to test 10750 - 10770 initially and above it we can see a test of 10835 - 10905. Breaking and sustaining below 10535 we can see a test of 10460 - 10440 initially and below it we can see a test of 10375 - 10305 . Those who are looking to enter fresh longs above 10675 should keep a cbsl of 10625 and those who are looking to enter fresh shorts below 10535 should keep a cbsl of 10585 and move to trailing cbsl as targets get achieved .    " , and we saw Nifty make a low of 10558.45 and it did not trigger our weekly shorts and reversed to trigger our weekly longs and complete our initial weekly long targets giving close to 100 points from the weekly long trade . Swing traders would have got more by keeping the sell confirmation as stoploss by going long in the correction .

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 - 1052 initially and below it we can see a test of 10450 - 10375. Those who 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 long targets of 10855 - 10875 should keep a cbsl of 10875 or enter shorts below 10620 with a cbsl of 10675. Keep a trailing cbsl as targets get achieved . Nifty has a strong resistance near 10820 - 10855 zone now in the coming week.

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 10745 , Tgt  10775 - 10795 - 10820

IF Nifty spot manages to get a close / sustain above 10855 then ,

long again for 10875 - 10945 - 11020

Short below 10650 , Tgt 10620 - 10595 - 10575

IF Nifty spot manages to get a close / sustain below 10540 then, 

short again for 10520 - 10450 - 10375

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.