Sunday, 16 June 2019

Nifty Spot Outlook for 17th Jun

NIFTY


In the previous session Nifty spot opened at 11910.10, made a high of 11911.85 ,  made a low of 11797.70  ,  before closing at 11823.30


Had mentioned that long trade will get triggered for the day on sustaining above 11950 and short trade will get triggered for the day on sustaining below 11880. Nifty triggered our short trade and nearly completed all targets giving 80+ points . 

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11920 and then enter for a initial target of 12015 - 12040 and look to hold further only on sustaining or getting a close above 12040 for the next targets of 12125 - 12220. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11730 and then enter for a initial target of 11630 - 11605 and look to hold further only on sustaining or getting a close below 11605 for the next targets of 11520 - 11425. 


Since last week the market has been trading sideways and has not been able to give a strong close beyond the range of 11775 - 11965 for a clear trend to emerge . 


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 . 


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 towards 11525 - 11425.


Now in the coming session Nifty needs to break and sustain above 11860 to test 11895 - 11905 initially and sustaining above it we can see a further upmove till 11940 - 11975. Similarly breaking and sustaining below 11790 we can see a test of 11750 - 11740 initially and breaking and sustaining below it we can see a further correction till 11710 - 11675


Nifty Spot Levels for the day are

Long above 11860 for 11880 - 11905 - 11975 , SL 11835

Short below 11790 for 11765 - 11740 - 11675 , SL 11815


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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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