Nifty spot opened at 9142.60 , made a low of 9136.35 , it went up till 9183.15 before closing at 9173.75 . Had mentioned that long positions can be taken above 9163 and short positions can be taken below 9125.
Nifty triggered our long trade and missed our 2nd target by 5 points . Nifty also closed just 0.25 points below our weekly long confirmation levels today . If it sustains above today's close then we should retest of the highs made this month .
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 . Today Nifty has given a borderline close on our weekly long confirmation levels whereas Bank Nifty has already completed 5 targets and only 1 target is pending for the week.
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 . We have seen a move of nearly 250+ points after sustaining / closing above our monthly long confirmation level.
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 and did not break 9006 for a further correction.
For today if Nifty spot sustains above 9193 we can see a initial move on the upside till 9214 & on sustaining above 9219 we may see further move till 9256 . Similarly if Nifty spot sustains below 9154 we may see a initial move on the downside till 9134 & on sustaining below 9129 we may see a further move till 9092 .
Nifty Spot Levels for the day are
Long above 9193 for 9205 - 9219 - 9256 , SL 9168
Short below 9154 for 9142 - 9129 - 9092 , SL 9180
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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.