Wednesday, 26 June 2019

Nifty Spot Outlook for 27th Jun

NIFTY


In the previous session Nifty spot opened at 11768.15, made a low of 11757.55 , made a high of 11871.85,  before closing at 11847.55


Had mentioned that long trade will get triggered for the day on sustaining above 11830 and short trade will get triggered for the day on sustaining below 11760. Nifty initially triggered our short trade but did not sustain and took our stoploss. Nifty then triggered our long trade and completed 2  targets giving 40 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. 

Nifty confirmed our weekly long trade today and those who have entered should keep a trailing cbsl of 11775 and look to book once near the initial target of 11900 - 11920 or hold further only on a closing above 11920.

As mentioned earlier " 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 ." , and Nifty has so far held 11640 and has again resumed trading between 11775 - 11965 range as expected.

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 Nifty needs to sustain/close below 11640 for the correction to extend further towards the down targets mentioned of 11525 - 11425 and holding the same we can see it bounce back towards 11775 - 11810 . 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 11885 to test 11920 - 11930 initially and sustaining above it we can see a further upmove till 11960 - 11995. Similarly breaking and sustaining below 11810 we can see a test of 11775 - 11765 initially and breaking and sustaining below it we can see a further correction till 11735 - 11700


Nifty Spot Levels for the day are

Long above 11885 for 11905 - 11930 - 11995 , SL 11860

Short below 11810 for 11790 - 11765 - 11700 , SL 11835


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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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