Nifty spot opened at 9264.40 , made a low of 9215.40 , it went up till 9273.90 before closing at 9265.15 . Had mentioned that long positions can be taken above 9258 and short positions can be taken below 9218.
Nifty triggered both our long and short trade today and took the SL on both sides and finally did one target on the long trade . Nifty had triggered our weekly long trade in the previous session and has completed our initial 3 long targets for the week.
We are still above the long confirmation levels of 8966 for the month of March and the cbsl for the positions taken on closing above it 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 9224 for long confirmation, then we can expect a move till 9254 - 9276 initially and closing above 9290 we can expect the next move till 9335 - 9385 . Similarly this week Nifty spot needs to break and sustain below 9124 for short confirmation, then we can expect a move till 9093 - 9071 initially and closing below 9058 we can expect a further move till 9012 - 8963 . Nifty has closed above 9224 spot but Bank Nifty is yet to close above 21620 and has closed well below it . Had mentioned in the previous post ' In the coming session we need Bank Nifty to break above its weekly long confirmation levels too to enable Nifty to test its immediate resistance near 9255 and also its monthly long confirmation levels of 9277 and being unable to do so we might see a test of 9145 - 9125 levels . So the immediate resistance zone for Nifty is near 9255 - 9277 and it needs to break and sustain / close above these for further upside' , today Bank Nifty broke above its weekly long confirmation level of 21620 and we saw Nifty test 9255 - 9277 range with a high of 9273.90 . Nifty needs to give a consecutive close above 9277 for fresh long positions to be entered for this month and also as per our weekly levels we can expect further up move only on a close above 9290 , so it would be interesting to see how Nifty reacts near these levels tomorrow . Also we have our RBI policy meet outcome too tomorrow and a majority are expecting status quo on the rates, so any change might see a reaction.
For the month of April we can expect uptrend in Nifty spot on a consecutive closing above 9277 and downtrend on a consecutive closing below 9071 . We have seen a move of nearly 250+ points after sustaining / closing above our monthly long confirmation level in March .
Those who now looking to enter fresh longs on a correction should keep a cbsl of 8906 spot for their positions.
For today if Nifty spot sustains above 9279 we can see a initial move on the upside till 9295 & on sustaining above 9298 we may see further move till 9325 . Similarly if Nifty spot sustains below 9250 we may see a initial move on the downside till 9235 & on sustaining below 9232 we may see a further move till 9205 .
Nifty Spot Levels for the day are
Long above 9279 for 9288 - 9298 - 9325 , SL 9261
Short below 9250 for 9242 - 9232 - 9205 , SL 9270
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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.