Tuesday, 6 June 2017

Nifty Spot Outlook for 07th Jun

NIFTY


Nifty spot  opened  at 9704.25 , made a new life time high of 9709.30 and then made a low of 9630.20 before closing at 9637.15 . 

Had mentioned that long positions for the day can be taken above 9695 and short positions for the day can be taken below 9655 . Nifty opened near our 1st long target and immediately reversed . It then went on to trigger our short trade and nearly completed 2 targets for the day .  

The geopolitical issues is what can cause some concern for longs as and when it escalates . Nifty has a strong support near 9355 - 9335 currently and bigger correction can be expected only on closing below this range . Nifty has its immediate resistance near 9650 - 9670 zone and above that near 9750 - 9770 zone and those who had taken longs last week with a cbsl of 9335 should look to book near these levels after seeing the price action . Nifty has its immediate support near 9550 - 9520 zone and below it near 9480 - 9460 zone . Had mentioned in the previous posts " Those who had entered longs with the cbsl of 9335 and have not yet booked should now move up their trailing cbsl to 9594 or look to book now if Nifty is unable to break and sustain above 9650 - 9670 zone , sustaining above 9670 we can expect a test of 9715 - 9750 " , Nifty today made a high of 9709.30 after closing above 9670 in the previous session and all longs positions should have been booked once . Had also mentioned "Those who are looking to go short on further upmove this week should keep a strict cbsl of 9745 " , and those who would have taken a short trade today above 9700 with the mentioned cbsl would have got nearly 70 points . Nifty came close to our weekly long confirmation level of 9713 and reversed today giving a good swing trade .  We have the RBI monetary policy on 07th June and we can expect a interesting session of trade.


For today if Nifty spot sustains above 9658 we can see a initial move on the upside till 9679 & on sustaining above 9685 we may see further move till 9724 . Similarly if Nifty spot sustains below 9617 we may see a initial move on the downside till 9595 & on sustaining below 9590 we may see a further move till 9551


Nifty Spot Levels for the day are

Long above 9658 for 9670 - 9685 - 9724 , SL 9631

Short below 9617 for 9604 - 9590 - 9551 , SL 9643

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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.