Saturday, 1 June 2019

Weekly Spot Outlook of Nifty for 03rd to 07th Jun

NIFTY

This week Nifty went down by 32 points , it then went up by 195 points before finally ending the week with a gain of 79 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 12010 to confirm uptrend and Nifty spot needed to sustain and close below 11680 to confirm downtrend for the week. Nifty made a high of 12039.25 and made a low of 11812.40

Had mentioned in previous weekly post that Nifty needs to sustain above 12010 to test 12180 - 12220 initially and closing above it can go further till 12370 - 12530 and Nifty needs to sustain below 11680 to test 11510 - 11470 initially and closing below it can go further till 11320 - 11160, and we saw Nifty trade mostly between our long and short trigger levels indicating indecisiveness. 

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 12015 and then enter for a initial target of 12115 - 12140 and look to hold further only on sustaining or getting a close above 12140 for the next targets of 12225 - 12315. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11830 and then enter for a initial target of 11730 - 11705 and look to hold further only on sustaining or getting a close below 11705 for the next targets of 11625 - 11530. 


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 . 

Nifty now has immediate resistance  at 12115 - 12140 and it needs to break and close above these levels for a further upmove and failing do so we can see a dip till 11805 - 11730 .   

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


Nifty Spot Levels for the week are

Long above 11980 , Tgt  12015 - 12045 - 12075

IF Nifty spot manages to get a close / sustain above 12115 then ,

long again for 12140 - 12225 - 12315

Short below 11865 , Tgt 11830 - 11800 - 11775

IF Nifty spot manages to get a close / sustain below 11730 then, 

short again for 11705 - 11625 - 11530


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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