Nifty last week (5th June 2017 – 9th June 2017) round up- Nifty opened the week flat and was trading in a narrow range of 100 points through out the week.This week was a historical week for nifty as nifty scaled new highs and finally nifty closed the week near the opening levels of the week showing indecisiveness in the market .
Nifty Weekly Movement : Open: 9656.30 High: 9709.30 Low:9608.15 Close :9668.25
Nifty outlook for the Week (12th June 2017 – 16th June 2017) : Nifty forming doji pattern in the weekly chart and also its nearing 9700 levels which is acting as a strong resistance.Nifty took support twice near 9630 and if nifty breaks these levels nifty can go down to 9520 levels. This is consolidation period so its better to avoid taking directional positions.
Nifty Negative signals : Nifty futures trading only by 14 points in the premium.
Nifty Positive Signals : Nifty trading in a uncharted territory.
Nifty Weekly Support : 9630,9520
Nifty Weekly Resistance : 9700
Nifty Expiry 29-Jun-2017 Range: nifty can move between 9400- 9700.
Nifty Trend Reversal : 8980 – 9000
Nifty 29 Jun 2017 expiry Strategy: Position created on 5th Jun 2017 Sell Nifty JUN 2017 9400 PUT @ 280 and Sell Nifty Jun 2017 9700 Call @ 120.Total Premium Outflow: 400 hold for a target of 300 stop around 480.Current Profit: 16.65 Points.
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