Wednesday, 5 July 2017

Nifty Spot Outlook for 06th Jul


Nifty spot opened at 9619.75 , made a low of 9607.35 and then made a high of 9643.65 before closing at 9637.60 

Had mentioned that long positions for the day can be taken above 9630 and short positions for the day can be taken below 9597 . Nifty triggered our long trade and completed just 1 target for the day . Nifty had triggered our weekly longs in the previous sessions and has completed 5 targets from the long trade . 

As mentioned previously " Now we can expect further correction on sustaining / closing below 9440 .  Holding the same we can see Nifty retest 9560 levels initially and breaking and sustaining above 9560 we should test 9600 levels next. Similarly breaking and sustaining below 9480 levels we can see a test of 9440 levels . We can expect a bigger move once Nifty spot breaks and sustains beyond the range of 9440 - 9600 in the coming sessions ."  and Nifty has been now closing consistently above 9600  . Also as mentioned in the previous post " Nifty now needs to break and sustain / close above 9655 to make a move towards the all time high with a small resistance near  9680 - 9700 levels ." , today again Nifty was unable to break above 9655 and we might see it taken out in a gap opening now if we have positive global cues in the coming session . 

For today if Nifty spot sustains above 9655 we can see a initial move on the upside till 9672 & on sustaining above 9677 we may see further move till 9709.  Similarly if Nifty spot sustains below 9621 we may see a initial move on the downside till 9603 & on sustaining below 9598 we may see a further move till 9566

Nifty Spot Levels for the day are

Long above 9655 for 9665 - 9677 - 9709 , SL 9632

Short below 9621 for 9610 - 9598 - 9566 , SL 9643

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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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