Thursday, 20 June 2019

Nifty Spot Outlook for 21st Jun

NIFTY


In the previous session Nifty spot opened at 11653.65, made a low of 11635.05 ,  made a high of 11843.50,  before closing at 11831.75


Had mentioned that long trade will get triggered for the day on sustaining above 11715 and short trade will get triggered for the day on sustaining below 11665. Nifty initially triggered our short trade and completed 2 targets and took our TSL . It then reversed to trigger our long trade and completed all targets doing 100+ 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. 

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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. 

Had mentioned in the previous post " 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 complete our target with a low of 11625.10 today. Those who were holding shorts got a exit today at the expected targets , now further downmove can be expected immediately only on sustaining or closing below 11605 as had been mentioned ." , and Nifty today held 11605 and bounced back strongly.


After mostly trading sideways this month in the range of 11775 - 11965 Nifty had broken the range on the lower side and did 150 points and has now bounced to close well above 11775 again and holding above we can see a further upmove in the coming session as shorters will be pushed to cover their positions. 


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 Nifty today bounced back to reclaim 11775 strongly . Now we can see a further upmove on the back of short covering on sustaining / closing above 11865 in the coming sessions . 

Now in the coming session Nifty needs to break and sustain above 11865 to test 11895 - 11905 initially and sustaining above it we can see a further upmove till 11935 - 11965. Similarly breaking and sustaining below 11800 we can see a test of 11770 - 11760 initially and breaking and sustaining below it we can see a further correction till 11730 - 11700


Nifty Spot Levels for the day are

Long above 11865 for 11885 - 11905 - 11965 , SL 11840

Short below 11800 for 11780 - 11760 - 11700 , SL 11825


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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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