Sunday, 31 May 2020

Weekly Spot Outlook Of Nifty for 01st to 05th Jun

In the previous week : 

Nifty went down by 43 points then went up by 560 before finally ending the week with a gain of 541 points compared to last weekly closing. 

Nifty triggered our long trade last week and did 459 points  

Nifty had made a new life time high of 12430 on 20th January and has since then corrected to 7511 on 24th March . 

Nifty for this week :

  • Sustaining above 9690 enter for 9755 - 9810 - 9865
  • Further sustaining above 9940 enter for 9985 - 10145 - 10320

  • Sustaining below 9470 enter for 9405 - 9350 - 9295
  • Further sustaining below 9220 enter for 9175 - 9015 - 8840

As per the levels mentioned above Nifty has immediate resistance at 9690 - 9755 zone and immediate support at 9470 - 9405 zone for this week. 

How to use these levels  
  • For longs/shorts enter on breaking above the first weekly levels mentioned and hold on sustaining above /below the highlighted green/red level and look to book partly/fully once it completes its initial 3 targets . Re-enter if price again breaks above/below the further first level mentioned and hold on sustaining above/below the highlighted green/red level for next targets  . 

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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.

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