Friday, 16 June 2017

Nifty Spot Outlook for 16th Jun

NIFTY


Nifty spot opened  at 9617.90 , made a high of 9621.40 and then made a low of 9560.80 before closing at 9578.05

Had mentioned that long positions for the day can be taken above 9629 and short positions for the day can be taken below 9607 . Nifty triggered our short trade for the day and completed all targets .  Nifty had triggered our weekly short trade at 9654 this week and today completed all 6 targets on the short side . 

The geopolitical issues is what can cause some concern for longs as and when it escalates . A bigger correction can be expected only if Nifty breaks and sustains below 9335 - 9355 zone where there is a strong support for now .  Nifty has its immediate resistance near 9650 - 9670 zone and above that near 9750 - 9770 zone .Had mentioned in the previous post " Nifty closing below 9620 can test its immediate support near 9550 - 9520 zone and below it the next support near 9480 - 9460 zone Nifty needs to sustain / close above 9650 - 9670 zone again for a test of 9715 - 9750 ".  As already mentioned previously " Those who are looking to go short on further upmove this week should keep a strict cbsl of 9745  , and those who had gone short above 9700 last week should now look to book their positions once near 9580 - 9570 as Nifty has a strong support near 9560 which needs to be broken and sustained for a further correction " , today Nifty made a low of 9560.80 near our support giving around 140 points from the short trade taken above 9700 . As mentioned in the previous post  " Those who are looking to go long here can keep a strict cbsl of 9560 spot . Once Nifty breaks and sustains below 9560 we can expect a further correction towards the next support levels " , now we need to see tomorrow whether Nifty sustains below 9560 to test further targets on the downside or takes support above it on closing and moves upwards again. 


For today if Nifty spot sustains above 9589 we can see a initial move on the upside till 9600 & on sustaining above 9603 we may see further move till 9624 . Similarly if Nifty spot sustains below 9567 we may see a initial move on the downside till 9556 & on sustaining below 9553 we may see a further move till 9533. 


Nifty Spot Levels for the day are

Long above 9589 for 9595 - 9603 - 9624 , SL 9575

Short below 9567 for 9561 - 9553 - 9533 , SL 9581

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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 educ7ational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.