Monday 10 June 2019

Nifty Spot Outlook for 11th Jun

NIFTY


In the previous session Nifty spot opened at 11934.90, made a low of 11871.75 ,  it made a high of 11975.05,  before closing at 11922.70

Had mentioned that long trade will get triggered for the day on sustaining above 11910 and short trade will get triggered for the day on sustaining below 11835. Nifty triggered our long trade and completed 2 targets giving 50+ points . 

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 11960 to test 11995 - 12005 initially and sustaining above it we can see a further upmove till 12040 - 12075. Similarly breaking and sustaining below 11885 we can see a test of 11850 - 11840 initially and breaking and sustaining below it we can see a further correction till 11805 - 11770.


Nifty Spot Levels for the day are

Long above 11960 for 11980 - 12005 - 12075 , SL 11935

Short below 11885 for 11865 - 11840 - 11770 , SL 11910


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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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