Thursday, 6 June 2019

Nifty Spot Outlook for 07th Jun

NIFTY


In the previous session Nifty spot opened at 12039.80 which was also the high for the day,  it made a low of 11830.25,  before closing at 11843.75

Had mentioned that long trade will get triggered for the day on sustaining above 12060 and short trade will get triggered for the day on sustaining below 11985. Nifty triggered our short trade and did 150 points completing all 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 had triggered our weekly long trade and sustaining above 12015 we were expecting a test of our initial targets of 12115 - 12140. Nifty had made a high of 12103.05 this week . Nifty today reversed and took our trailing stoploss at 11980 as it faced resistance near our monthly long confirmation levels of 12115 .


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 . 

Had mentioned in the previous posts this week that " 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 ." , and Nifty took resistance near 12115 - 12140 after making a high of 12103.05 this week and corrected to make a low of 10830.25 today coming close to our expected levels of 10805 - 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 11885 to test 11930 - 11945 initially and sustaining above it we can see a further upmove till 11980 - 12025. Similarly breaking and sustaining below 11800 we can see a test of 11755 - 11745 initially and breaking and sustaining below it we can see a further correction till 11705 - 11665.


Nifty Spot Levels for the day are

Long above 11885 for 11915 - 11945 - 12025 , SL 11855

Short below 11800 for 11775 - 11745 - 11665 , SL 11830


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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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