Monday, 17 June 2019

Nifty Spot Outlook for 18th Jun

NIFTY


In the previous session Nifty spot opened at 11844.00, made a high of 11844.05 ,  made a low of 11657.75  ,  before closing at 11672.15


Had mentioned that long trade will get triggered for the day on sustaining above 11860 and short trade will get triggered for the day on sustaining below 11790. Nifty triggered our short trade and completed all targets giving 120+ 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. 

Today Nifty triggered our weekly short trade and sustaining below 11730 in the coming session can see a move towards 11630 - 11605 initially .


After mostly trading sideways this month in the range of 11775 - 11965 today Nifty has finally given a good close beyond the range on the lower side .


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 . 


As mentioned in the previous post " 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." , and today Nifty has broken the lower end of the support and a consecutive close below 11730 will confirm our monthly shorts too. Those who are holding shorts should move their trailing cbsl to 11765 for the coming session.


Now in the coming session Nifty needs to break and sustain above 11705 to test 11735 - 11740 initially and sustaining above it we can see a further upmove till 11770 - 11800. Similarly breaking and sustaining below 11640 we can see a test of 11610 - 11605 initially and breaking and sustaining below it we can see a further correction till 11575 - 11545


Nifty Spot Levels for the day are

Long above 11705 for 11720 - 11740 - 11800 , SL 11680

Short below 11640 for 11625 - 11605 - 11545 , SL 11665


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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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