Wednesday 8 June 2022

Nifty Outlook for 09th Jun

 In the previous session :

Nifty went down by 123 points then went up by 98 points before closing lower by 60 points on Wednesday


Nifty made a new life time high of 18604.45 in this upmove from the lows of 7511.10 made on 24th March 2020



On 08th Jun :-

Nifty initially triggered our short trade and almost completed 2 targets doing 60+ points and took our TSL. Post that Nifty reversed to trigger our long trade but completed just 1 target and took our TSL. In the last session Nifty again triggered our short trade but failed to complete any targets indicating a lot of indecisiveness. 


For 09th Jun :-

Sustaining above 16410 enter for 16440 - 16480 - 16580 , SL 16370

Sustaining below 16300 enter for 16270 - 16230 - 16140 , SL 16340

Now for this week :

On the upside :

Nifty has to sustain and close above 16670 - 16730 where it has its initial resistance to move towards next targets of 16880 - 16920 . 

Closing above 16920 Nifty may move towards further targets of 17050 - 17190.

On the downside :

Nifty has to sustain and close below 16490 - 16440 where it has its initial support to move towards next targets of 16290 - 16250 . 

Closing below 16250 Nifty may move towards further targets of 16130 - 15980 .

So far this week Nifty made a low of 16293.35 testing our next weekly support of 16290 - 16250 and closed today at 16356.25 today. Now in the coming session Nifty has immediate resistance at 16440 - 16490 and has to break and sustain / close above it for a move towards 16540 - 16640 . On the downside Nifty has immediate next support at 16290 - 16250 on breaking and sustaining below 16330 .

Incase of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks" .

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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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