Wednesday, 5 June 2019

Nifty Spot Outlook for 06th Jun

NIFTY


In the previous session Nifty spot opened at 12052.65, made a high of 12095.20 , it made a low of 12005.85,  before closing at 12021.65

Had mentioned that long trade will get triggered for the day on sustaining above 12125 and short trade will get triggered for the day on sustaining below 12055. Nifty initially triggered our short trade and did 50 points completing 2 targets for the day. 


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 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. Nifty has so far made a high of 12103.05


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 12060 to test 12100 - 12110 initially and sustaining above it we can see a further upmove till 12140 - 12180. Similarly breaking and sustaining below 11985 we can see a test of 11945 - 11935 initially and breaking and sustaining below it we can see a further correction till 11900 - 11865.


Nifty Spot Levels for the day are

Long above 12060 for 12080 - 12110 - 12180 , SL 12035

Short below 11985 for 11960 - 11935 - 11865 , SL 12010


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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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