Monday, 3 June 2019

Nifty Spot Outlook for 04th Jun

NIFTY


In the previous session Nifty spot opened at 11953.75, made a low of 11920.10 , it made a new lifetime high of 12103.05,  before closing above 12k levels for the first time at 12088.55

Had mentioned that long trade will get triggered for the day on sustaining above 11960 and short trade will get triggered for the day on sustaining below 11885. Nifty initially triggered our long trade and did 100+ points completing all our day targets. 


For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 12015 and then enter for a initial target of 12115 - 12140 and look to hold further only on sustaining or getting a close above 12140 for the next targets of 12225 - 12315. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11830 and then enter for a initial target of 11730 - 11705 and look to hold further only on sustaining or getting a close below 11705 for the next targets of 11625 - 11530. 

Nifty has today triggered our weekly long trade and sustaining above 12015 we can expect a test of our initial targets of 12115 - 12140. Those who have entered longs should keep a trailing cbsl of 11980 now. 


For the month of June , longs will get confirmed in Nifty with a consecutive close above 12115 for a initial target of 12320 - 12370 and sustaining / closing above it we can see a further move till 12545 - 12735 .  Similarly shorts will get confirmed with a consecutive close below 11730 for  a initial target of 11525 - 11475 and sustaining / closing below it we can see a further move till 11300 - 11110 . 

Nifty now has immediate resistance  at 12115 - 12140 and it needs to break and close above these levels for a further upmove and failing do so we can see a dip till 11805 - 11730 . 

On the downside Nifty has immediate support near 11775 - 11730 and it needs to hold this levels on a correction in the coming week for a bounce else we can see the correction extend further.


Now in the coming session Nifty needs to break and sustain above 12125 to test 12160 - 12170 initially and sustaining above it we can see a further upmove till 12200 - 12235. Similarly breaking and sustaining below 12055 we can see a test of 12015 - 12005 initially and breaking and sustaining below it we can see a further correction till 11975 - 11940.


Nifty Spot Levels for the day are

Long above 12125 for 12145 - 12170 - 12235 , SL 12100

Short below 12055 for 12030 - 12005 - 11940 , SL 12080


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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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