Monday, 5 June 2017

Nifty Spot Outlook for 06th June


Nifty spot  opened  at 9656.30 , made a low of 9640.70 and then made a new life time high of 9687.20 before closing at 9675.10 . Nifty made another new life time high and also gave a new life time high close . 

Had mentioned that long positions for the day can be taken above 9676 and short positions for the day can be taken below 9631 . Nifty triggered our long trade but could not complete any targets . 

The geopolitical issues is what can cause some concern for longs as and when it escalates . Nifty has a strong support near 9355 - 9335 currently and bigger correction can be expected only on closing below this range . Nifty has its immediate resistance near 9650 - 9670 zone and above that near 9750 - 9770 zone and those who had taken longs last week with a cbsl of 9335 should look to book near these levels after seeing the price action . Nifty has its immediate support near 9550 - 9520 zone and below it near 9480 - 9460 zone . Those who had entered longs with the cbsl of 9335 and have not yet booked should now move up their trailing cbsl to 9594 or look to book now if Nifty is unable to break and sustain above 9650 - 9670 zone , sustaining above 9670 we can expect a test of 9715 - 9750 . Those who are looking to go short on further upmove this week should keep a strict cbsl of 9745 .

For today if Nifty spot sustains above 9695 we can see a initial move on the upside till 9716 & on sustaining above 9721 we may see further move till 9759 . Similarly if Nifty spot sustains below 9655 we may see a initial move on the downside till 9634 & on sustaining below 9629 we may see a further move till 9591

Nifty Spot Levels for the day are

Long above 9695 for 9707 - 9721 - 9759 , SL 9669

Short below 9655 for 9643 - 9629 - 9591 , SL 9681

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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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