Saturday, 23 June 2018

Weekly Spot Outlook of Nifty for 25th to 29th Jun

NIFTY

This week Nifty spot went down by 117 points then went up by 19 points before finally ending the week with a gain of 4 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 10865 to trigger uptrend and Nifty spot needed to sustain and close below 10770 to trigger downtrend for the week. Nifty made a high of 10837 and made a low of 10701.20. 

As mentioned in the previous weekly post " Now in the coming week Nifty needs to break and sustain above 10865 to test 10915 - 10925 initially and above it we can see a test of 10970 - 11015 . Breaking and sustaining below 10770 we can see a test of 10720 - 10710 initially and below it we can see a test of 10665 - 10620 . Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 10865 and look to hold further only on getting a close above 10915 - 10925 zone . Those who are looking to enter fresh shorts should wait for a close below 10770 or look to short near 10910 - 10925 with a strict cbsl of 10925 spot. " , and we saw Nifty make a low of 10701.20 completing our initial targets and reverse . 

Now in the coming week Nifty needs to break and sustain above 10875 to test 10930 - 10945 initially and above it we can see a test of 10995 - 11050 . Breaking and sustaining below 10765 we can see a test of 10710 - 10695 initially and below it we can see a test of 10650 - 10595 . Those who looking to enter fresh longs should wait for Nifty to sustain / close above 10875 and look to hold further only on getting a close above 10930 - 10945 zone . Those who are looking to enter fresh shorts should wait for a close below 10765 or look to short near 10930 - 10945 with a strict cbsl of 10950 spot. 

For the month of June , longs will get confirmed with a consecutive close above 10905 for a initial target of 11085 - 11125 and sustaining / closing above it we can see a further move till 11280 - 11450 .  Similarly shorts will get confirmed with a consecutive close below 10565 for  a initial target of 10390 - 10345 and sustaining / closing below it we can see a further move till 10190 - 10025 .Nifty has strong resistance in the zone of 10840 - 10910 for this month and we need to get a strong close above it for a upmove . For the entire month of June Nifty has traded between our short and long confirmation levels of 10565 - 10905 with the intraday low for the month being 10550.90 and intraday high for the month being 10893.25 till now . 


Nifty Spot Levels for the week are

Long above 10855 , Tgt  10875 - 10890 - 10910

IF Nifty spot manages to get a close / sustain above 10930 then ,

long again for 10945 - 10995 - 11050

Short below 10785 , Tgt 10765 - 10750 - 10735

IF Nifty spot manages to get a close / sustain below 10710 then, 

short again for 10695 - 10650 - 10595

P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels and keep trailing your stoploss .

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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.