Thursday, 6 July 2017

Nifty Spot Outlook for 07th Jul

NIFTY


Nifty spot opened at 9653.60 , made a low of 9639.95 and then made a high of 9700.70 before closing at 9674.55 

Had mentioned that long positions for the day can be taken above 9655 and short positions for the day can be taken below 9621 . Nifty triggered our long trade and missed our last daily target by 9 points . Nifty had triggered our weekly longs in the previous sessions and today completed all our weekly long targets  . 


As mentioned previously " Now we can expect further correction on sustaining / closing below 9440 .  Holding the same we can see Nifty retest 9560 levels initially and breaking and sustaining above 9560 we should test 9600 levels next. Similarly breaking and sustaining below 9480 levels we can see a test of 9440 levels . We can expect a bigger move once Nifty spot breaks and sustains beyond the range of 9440 - 9600 in the coming sessions ."  and Nifty has been now closing consistently above 9600  . Also as mentioned in the previous post " Nifty now needs to break and sustain / close above 9655 to make a move towards the all time high with a small resistance near  9680 - 9700 levels ." , and today Nifty made a high of 9700.70 and took resistance at the outer end of the range . Nifty has closed well above 9655 today and holding the same we can expect Nifty to retest the resistance and move above it to make a new high . Those who are holding longs should now move up their cbsl to 9655 spot .  The geo-political scenario needs to watched as there are a lot of things which can derail the upmove .


For today if Nifty spot sustains above 9692 we can see a initial move on the upside till 9711 & on sustaining above 9715 we may see further move till 9749.  Similarly if Nifty spot sustains below 9657 we may see a initial move on the downside till 9639 & on sustaining below 9634 we may see a further move till 9600


Nifty Spot Levels for the day are

Long above 9692 for 9703 - 9715 - 9749 , SL 9669

Short below 9657 for 9646 - 9634 - 9600 , SL 9680

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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.