Sunday, 9 June 2019

Nifty Spot Outlook for 10th Jun

NIFTY


In the previous session Nifty spot opened at 11865.20, made a low of 11769.50 ,  it made a high of 11897.50,  before closing at 11870.65

Had mentioned that long trade will get triggered for the day on sustaining above 11885 and short trade will get triggered for the day on sustaining below 11800. Nifty initially triggered our short trade and completed just 1 target and took our TSL. It then triggered our long trade but could not complete any targets.

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11965 and then enter for a initial target of 12070 - 12095 and look to hold further only on sustaining or getting a close above 12095 for the next targets of 12185 - 12280. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11775 and then enter for a initial target of 11675 - 11645 and look to hold further only on sustaining or getting a close below 11645 for the next targets of 11560 - 11465. 




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 weeks posts 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 last week and corrected to make a low of 11769.50 testing our expected levels of 11805 - 11730 . 

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


Now in the coming session Nifty needs to break and sustain above 11910 to test 11945 - 11955 initially and sustaining above it we can see a further upmove till 11990 - 12025. Similarly breaking and sustaining below 11835 we can see a test of 11795 - 11785 initially and breaking and sustaining below it we can see a further correction till 11755 - 11715.


Nifty Spot Levels for the day are

Long above 11910 for 11930 - 11955 - 12025 , SL 11880

Short below 11835 for 11810 - 11785 - 11715 , SL 11860


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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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