Saturday, 22 June 2019

Weekly Spot Outlook of Nifty for 24th to 28th Jun

NIFTY

This week Nifty went up by 21 points , it then went down by 198 points , before finally ending the week with a loss of 99 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11920 to confirm uptrend and Nifty spot needed to sustain and close below 11730 to confirm downtrend for the week. Nifty made a high of 11844.05 and made a low of 11625.10

Had mentioned in previous weekly post that Nifty needs to sustain above 11920 to test 12015 - 12040 initially and closing above it can go further till 12125 - 12220 and Nifty needs to sustain below 11730 to test 11630 - 11605 initially and closing below it can go further till 11520 - 11425, and we saw Nifty triggering our weekly shorts and make a low of 11625.10 completing our initial targets and giving 100+ points . Nifty now needs to hold 11670 - 11640 on closing basis this week to avoid a further correction towards 11550 - 11525 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 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. 


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 11670 - 11640 and it needs to hold this levels on closing basis in the coming week for a bounce else we can see the correction extend further towards 11550 - 11525.


Nifty Spot Levels for the week are

Long above 11775 , Tgt  11810 - 11835 - 11860

IF Nifty spot manages to get a close / sustain above 11900 then ,

long again for 11920 - 12000 - 12080

Short below 11670 , Tgt 11640 - 11615 - 11580

IF Nifty spot manages to get a close / sustain below 11550 then, 

short again for 11525 - 11450 - 11370


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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