Sunday, 23 June 2019

Nifty Spot Outlook for 24th Jun

NIFTY


In the previous session Nifty spot opened at 11827.60, made a high of 11827.95 ,  made a low of 11705.10,  before closing at 11724.10


Had mentioned that long trade will get triggered for the day on sustaining above 11865 and short trade will get triggered for the day on sustaining below 11800. Nifty triggered our short trade and completed all targets doing 90+ points . 

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11810 and then enter for a initial target of 11900 - 11920 and look to hold further only on sustaining or getting a close above 11920 for the next targets of 12000 - 12080. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11640 and then enter for a initial target of 11550 - 11525 and look to hold further only on sustaining or getting a close below 11525 for the next targets of 11450 - 11370. 



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 . Now Nifty needs to sustain/close below 11640 else we might see it resume trade between 11775 - 11965 range again .

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." , now Nifty needs to sustain/ close below 11640 for the correction to extend further towards the down targets mentioned . Similarly Nifty needs to sustain/close above 11810 to put pressure on shorts to cover positions. 


Now in the coming session Nifty needs to break and sustain above 11755 to test 11790 - 11800 initially and sustaining above it we can see a further upmove till 11830 - 11860. Similarly breaking and sustaining below 11690 we can see a test of 11660 - 11650 initially and breaking and sustaining below it we can see a further correction till 11620 - 11590


Nifty Spot Levels for the day are

Long above 11755 for 11775 - 11800 - 11860 , SL 11735

Short below 11690 for 11670 - 11650 - 11590 , SL 11715


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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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