Tuesday, 18 June 2019

Nifty Spot Outlook for 19th Jun

NIFTY


In the previous session Nifty spot opened at 11677.05, made a low of 11641.15 ,  made a low of 11727.20  ,  before closing at 11691.50


Had mentioned that long trade will get triggered for the day on sustaining above 11705 and short trade will get triggered for the day on sustaining below 11640. Nifty triggered our long trade and completed just 1 target . 

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. 

Nifty had triggered our weekly short trade in the previous sessions and sustaining below 11730 we were expecting a move towards 11630 - 11605 initially, and we saw Nifty make a low of 11641.15 today.


After mostly trading sideways this month in the range of 11775 - 11965 Nifty had finally given a good close beyond the range on the lower side and now till it does not close well above 11775 shorters will have the upper hand.


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 given a consecutive close below 11730 to confirm our monthly shorts too. Those who are holding shorts should keep their trailing cbsl at 11765 for the coming session.


Now in the coming session Nifty needs to break and sustain above 11725 to test 11755 - 11765 initially and sustaining above it we can see a further upmove till 11790 - 11820. Similarly breaking and sustaining below 11660 we can see a test of 11630 - 11620 initially and breaking and sustaining below it we can see a further correction till 11595 - 11560


Nifty Spot Levels for the day are

Long above 11725 for 11740 - 11765 - 11820 , SL 11700

Short below 11660 for 11645 - 11620 - 11560 , SL 11685


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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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