Saturday, 15 June 2019

Weekly Spot Outlook of Nifty for 17th to 21st Jun

NIFTY

This week Nifty went up by 180 points , it then went up by 130 points , then went down by 73 points before finally ending the week with a loss of 47 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11965 to confirm uptrend and Nifty spot needed to sustain and close below 11775 to confirm downtrend for the week. Nifty made a high of 12000.35 and made a low of 11797.70

Had mentioned in previous weekly post that Nifty needs to sustain above 11965 to test 12070 - 12095 initially and closing above it can go further till 12185 - 12280 and Nifty needs to sustain below 11775 to test 11675 - 11645 initially and closing below it can go further till 11560 - 11465, and we saw Nifty come close to triggering our weekly long with a flat close at 11965.60 this week but immediately correct from the next session onwards. Nifty traded sideways this week indicating indecisiveness again after triggering both our long and short trades in the previous week. The coming week now should be a trending one after the indecisiveness of the past 2 weeks . Nifty needs to hold 11775 - 11730 on closing basis this week to avoid a further correction towards 11525 - 11475 and for a bounce again to be expected towards 12000 levels .

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. 


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 on the downside Nifty has immediate support near 11775 - 11730 and it needs to hold this levels in the coming week for a bounce else we can see the correction extend further towards 11525 - 11475.


Nifty Spot Levels for the week are

Long above 11880 , Tgt  11920 - 11945 - 11975

IF Nifty spot manages to get a close / sustain above 12015 then ,

long again for 12040 - 12125 - 12220

Short below 11765 , Tgt 11730 - 11700 - 11670

IF Nifty spot manages to get a close / sustain below 11630 then, 

short again for 11605 - 11520 - 11425


P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels and keep trailing your stoploss .

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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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