Weekly Spot Outlook Of Nifty For 10th to 14th Jun

NIFTY

This week Nifty went up by 180 points , it then went down by 153 points before finally ending the week with a loss of 52 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 12015 to confirm uptrend and Nifty spot needed to sustain and close below 11830 to confirm downtrend for the week. Nifty made a high of 12103.05 and made a low of 11769.50

Had mentioned in previous weekly post that Nifty needs to sustain above 12015 to test 12115 - 12140 initially and closing above it can go further till 12225 - 12315 and Nifty needs to sustain below 11830 to test 11730 - 11705 initially and closing below it can go further till 11625 - 11530, and we saw Nifty trigger our weekly long and complete initial 3 targets with a high of 12103.05 and reverse. It then triggered our weekly short trade and again completed our initial 3 targets and took support . Nifty has indicated indecisives by triggering both long and short trades for the week. Nifty needs to hold 11775 - 11730 on closing basis in a further correction for a bounce back to be expected. 

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11965 and then enter for a initial target of 12070 - 12095 and look to hold further only on sustaining or getting a close above 12095 for the next targets of 12185 - 12280. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11775 and then enter for a initial target of 11675 - 11645 and look to hold further only on sustaining or getting a close below 11645 for the next targets of 11560 - 11465. 

For the month of June , longs will get confirmed in Nifty with a consecutive close above 12115 for a initial target of 12320 - 12370 and sustaining / closing above it we can see a further move till 12545 - 12735 .  Similarly shorts will get confirmed with a consecutive close below 11730 for  a initial target of 11525 - 11475 and sustaining / closing below it we can see a further move till 11300 - 11110 . 

Had mentioned in the previous week "Nifty now has immediate resistance  at 12115 - 12140 and it needs to break and close above these levels for a further upmove and failing do so we can see a dip till 11805 - 11730 . " , and Nifty made a low of 11769.50.  

Now on the downside Nifty has immediate support near 11775 - 11730 and it needs to hold this levels in the coming week for a bounce else we can see the correction extend further.

Nifty Spot Levels for the week are

Long above 11930 , Tgt  11965 - 11995 - 12025

IF Nifty spot manages to get a close / sustain above 12070 then ,

long again for 12095 - 12185 - 12280

Short below 11810 , Tgt 11775 - 11745 - 11715

IF Nifty spot manages to get a close / sustain below 11675 then, 

short again for 11645 - 11560 - 11465

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.