Sunday, 11 June 2017

Nifty Spot Outlook for 12th Jun


Nifty spot  opened  at 9638.55 , made a low of 9608.15 and then made a high of 9676.25 before closing at 9668.25. 

Had mentioned that long positions for the day can be taken above 9656 and short positions for the day can be taken below 9639 . Nifty opened triggered our short trade at opening and completed all 3 targets for the day and then reversed from above  our weekly short confirmation level and went up to trigger our long trade for the day and missed our last target by 8 points . 

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 .Those who are still holding longs entered with the given cbsl of 9335 in the previous correction till 9341 should move up their trailing cbsl to 9640 spot now .Nifty has its immediate support near 9550 - 9520 zone and below it near 9480 - 9460 zone once its sustains / closes below 9620.Nifty needs to sustain above 9650 - 9670 zone for a test of 9715 - 9750 .  As already mentioned previously " 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 9677 we can see a initial move on the upside till 9686 & on sustaining above 9689 we may see further move till 9705 . Similarly if Nifty spot sustains below 9659 we may see a initial move on the downside till 9650 & on sustaining below 9648 we may see a further move till 9631. Once all the daily targets are achieved on any side then one should switch to the weekly levels given.

Nifty Spot Levels for the day are

Long above 9677 for 9682 - 9689 - 9705 , SL 9666

Short below 9659 for 9654 - 9648 - 9631 , SL 9671

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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 educ7ational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.

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