Thursday, 22 June 2017

Nifty Spot Outlook for 23rd Jun

NIFTY


Nifty spot opened at 9642.65 , made a high of 9698.85 and then made a low of 9617.65 before closing at 9630

Had mentioned that long positions for the day can be taken above 9647 and short positions for the day can be taken below 9621 . Nifty triggered our long trade and completed all our daily targets .  Nifty had triggered our weekly longs too in the previous sessions at 9605 and today missed our last weekly long target of 9704 by 5 points . Those who had taken long positions for the week have got nearly 95 points and those who had taken longs last week with our cbsl of 9560 have now got nearly 130+ points . 


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 .  As have been mentioning " Nifty has its immediate resistance near 9650 - 9670 zone and above that near 9750 - 9770 zone " .Had mentioned in the previous posts   " Those who are looking to go long here can keep a strict cbsl of 9560 spot " , and we have seen a move of 130+ points after making a low of 9560.80 last week and holding our cbsl .  Had also mentioned in the previous few posts " Now sustaining above 9650 - 9670 levels in the coming sessions we can expect Nifty to move up towards a new high " , and today though Nifty sustained above this zone it still fell short of 9700 . Had mentioned in the previous post " Those who are holding longs should look to book once near 9715 - 9730 levels " , Nifty came close to testing 9700 today but immediately reversed  . Fresh longs should be considered only on getting a consecutive close above 9745 in this series . Also had mentioned in the previous post " Those who are looking to go short again near 9715 - 9730 should keep a strict cbsl of 9745 spot as being unable to give a consecutive close above it can make Nifty retest 9560 levels " , today Nifty missed breaking above 9700 levels and incase Nifty fails to do so tomorrow too then we may see a retest of the lows of this month . Once Nifty breaks and sustains below 9560 we can expect a further correction towards the next support levels at 9500 - 9480


For today if Nifty spot sustains above 9643 we can see a initial move on the upside till 9656 & on sustaining above 9659 we may see further move till 9683 . Similarly if Nifty spot sustains below 9617 we may see a initial move on the downside till 9604 & on sustaining below 9601 we may see a further move till 9577. 


Nifty Spot Levels for the day are

Long above 9643 for 9650 - 9659 - 9683 , SL 9626

Short below 9617 for 9610 - 9601 - 9577 , SL 9634

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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.