Nifty spot opened at 9128.70 , made a low of 9109.10 , it went up till 9153.15 before closing at 9143.80 . Had mentioned that long positions can be taken above 9121 and short positions can be taken below 9081.
Nifty triggered our long trade and completed 2 targets for the day. Nifty today tested our weekly long trigger levels momentarily but could show further strength to test the confirmation levels and closed a tad below our trigger levels .
Have been mentioning since November that ' A deeper downmove can be expected on a consecutive close below 7895 ' and we had seen Nifty make a low of 7893.80 in the last week of December. Nifty has gained nearly 1300+ points after holding the cbsl of 7895 till now. Those who are holding longs should move up their cbsl to 9071 spot for their positions . We saw last week that our trailing cbsl for long positions entered near 7900 - 8000 has been taken . We are still above our long confirmation levels of 8966 for this month and the cbsl for the fresh positions taken on closing above our long confirmation levels is 8906 . As long as we are holding it we can look to buy the dips.
Now for this week Nifty Spot needs to break and sustain above 9174 for long confirmation, then we can expect a move till 9215 - 9244 initially and closing above 9261 we can expect the next move till 9321 - 9387 . Similarly this week Nifty spot needs to break and sustain below 9042 for short confirmation, then we can expect a move till 9001 - 8972 initially and closing below 8955 we can expect a further move till 8895 - 8829 .
For the month of March we can expect uptrend in Nifty spot on a consecutive closing above 8966 and downtrend on a consecutive closing below 8793 . In February had mentioned 8696 closing as the long confirmation level for Nifty and we saw a move of 275+ points after Nifty gave a consecutive close above the monthly long confirmation level .This month too till now Nifty has given a move of nearly 250+ points after sustaining / closing above our monthly long confirmation level. We are now at the last expiry session for March series and we can expect some swings and it would also be interesting to see where we close the month to understand the next moves for the coming financial year.
Those who now looking to enter fresh longs on a correction should keep a cbsl of 8906 spot for their positions.
We had initiated longs with a cbsl of 7895 spot in December and had moved up our trailing cbsl to 9071 spot which has been taken last week . As mentioned in the previous post 'Though our trailing cbsl is taken we are still above our monthly long confirmation levels and Nifty may take some support near 8966 - 8933 levels near our monthly long trigger levels in the coming sessions incase we break and sustain below 9006 '. Nifty has made a low of 9024.65 for this week till now before recovering .
For today if Nifty spot sustains above 9163 we can see a initial move on the upside till 9183 & on sustaining above 9188 we may see further move till 9224 . Similarly if Nifty spot sustains below 9125 we may see a initial move on the downside till 9105 & on sustaining below 9100 we may see a further move till 9063 .
Nifty Spot Levels for the day are
Long above 9163 for 9175 - 9188 - 9224 , SL 9138
Short below 9125 for 9113 - 9100 - 9063 , SL 9150
The expected expiry range is as follows
Upper End - 9202
Lower End - 9086
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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.