In the previous session :
Nifty went up by 11 points then went down by 127 points before closing lower by 102 points on Wednesday.
Nifty made a new life time high of 15901.60 in this upmove from the lows of 7511.10 made on 24th March 2020
On 16th Jun :
Nifty triggered our short trade and completed all targets doing 75 points.
For 17th Jun :
Sustaining above 15805 enter for 15815 - 15830 - 15885 , SL 15775
Now for this week :
Nifty has immediate resistance at 15840 - 15890 zone and sustaining or closing above we may see a further move towards 15940 - 15960 zone
Nifty has immediate support at 15755 - 15710 and sustaining or closing below that we may see a move towards 15660 - 15640 zone
So far this week Nifty made a low of 15606.50 breaking below our next support zone but bounced back strongly to make a high of 15901.60 above our initial resistance zone and also closed within it .
Post that in the previous session Nifty had to break and sustain above 15890 to move up further towards 15940 - 15960 zone which it failed to do and we saw a dip till 15742.60 and a close just above our initial support zone.
Now in the coming session Nifty has to break and sustain below 15755 - 15710 for a further dip towards 15660 - 15640 again and for a bounce it has to hold above 15700 .
Caution advised on entering fresh longs once we reach the levels of 15890 - 15960 on further upmoves.
Nifty needs to give a close below 15600 for any signs of a bigger move on the downside
In the month of May Nifty made a high of 15606.35 and made a low of 14416.25 .
For the month of June Nifty has to give a consecutive close above 15825 for the upmove to gain strength. On the downside Nifty has to give a consecutive close below 15340 for a stronger correction.
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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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