NIFTY WEEKLY PREDICTION FROM 6TH JUNE TO 10TH JUNE 2016

NIFTY SPOT CLOSED @ 8220.80

5EMA@8190
20EMA@7953
50EMA@7835

WEEKLY EXPECTED RANGE IN NEXT WEEK FOR NIFTY
SUPPORT 8146-8057-7968
RESISTANCES 8262-8327

VIEW:

Nifty makes @2016 high today and heading towards 8300 on the basis of some postive news,strong economic data, better earning than expected,healthy domestic inflows like that and one more big news in next week that is RBI rate cut but on the basis of technical analysis we can say that Nifty is loking lazy at 61.8 percent of retarcement value at 8242 from 9115 to 6825and that is the main reason today we have seen heavy selling in last trading session of week.

So I would still suggest do not make fresh long position at this point because risk and rewad ration does not allow as per trading rules.Avoid trading between 8250-8350.

aggressive seller can use sell on rise strategy with strict stop loss.because Nifty has recovered 20 percent from swing level from 6825 so correction is as expected .