Wednesday, 7 June 2017

Nifty Spot Outlook for 08th Jun

NIFTY


Nifty spot  opened  at 9663.95 , made a low of 9630.55 and then made a high of 9678.55 before closing at 9663.90 . 

Had mentioned that long positions for the day can be taken above 9658 and short positions for the day can be taken below 9617 . Nifty triggered our long trade and completed just 1 target . 

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 . Those who are still holding longs entered with the given cbsl of 9335 in the previous correction till 9341 should move up their trailing cbsl to 9620 spot now .Nifty has its immediate support near 9550 - 9520 zone and below it near 9480 - 9460 zone once its sustains / closes below 9620 .Nifty needs to sustain above 9650 - 9670 zone for a test of 9715 - 9750 .  Nifty today had made a high of 9709.30 in the previous session after closing above 9670 in the prior 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 in the previous session above 9700 with the mentioned cbsl would have got nearly 70 points . Nifty needs to break and sustain above our weekly long confirmation level of 9713 for a initial target of upto 9750 .  


For today if Nifty spot sustains above 9676 we can see a initial move on the upside till 9689 & on sustaining above 9693 we may see further move till 9716 . Similarly if Nifty spot sustains below 9652 we may see a initial move on the downside till 9639 & on sustaining below 9635 we may see a further move till 9612


Nifty Spot Levels for the day are

Long above 9676 for 9684 - 9693 - 9716 , SL 9660

Short below 9652 for 9644 - 9635 - 9612 , SL 9668

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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.