Nifty spot opened at 9184.55 , made a low of 9172.85 , it went up till 9242.70 before closing at 9237 . Had mentioned that long positions can be taken above 9196 and short positions can be taken below 9167 .
Nifty triggered our long trade today and completed all our long targets for the day . Nifty made a high just 1.30 points below its weekly long confirmation level today and has closed above its weekly long trigger level . In the coming session once Nifty breaks and sustains above 9244 we can see a test of 9271 - 9291 levels initially .
Now for this week Nifty Spot needs to break and sustain above 9244 for long confirmation, then we can expect a move till 9271 - 9291 initially and closing above 9303 we can expect the next move till 9344 - 9390 . Similarly this week Nifty spot needs to break and sustain below 9153 for short confirmation, then we can expect a move till 9125 - 9105 initially and closing below 9093 we can expect a further move till 9052 - 9007 . Nifty needs to give a consecutive close above 9277 for fresh long positions to be entered for this month . We saw Nifty make a low today again near our weekly short trigger level of 9170 and take support and reverse from there to close near the weekly long confirmation levels . Had mentioned in the previous post ' Today Bank Nifty was stronger and if tomorrow it sustains above 21580 then we may not see much correction again in Nifty and it might hold and pull Nifty up too.' and today we saw the same happen .
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 had seen a move of nearly 250+ points after sustaining / closing above our monthly long confirmation level in March .
Those who are now looking to enter fresh longs on a correction till near 9142 - 9125 levels should keep a cbsl of 9070 spot for their fresh positions.
For today if Nifty spot sustains above 9252 we can see a initial move on the upside till 9267 & on sustaining above 9271 we may see further move till 9299 . Similarly if Nifty spot sustains below 9222 we may see a initial move on the downside till 9207 & on sustaining below 9203 we may see a further move till 9175
Nifty Spot Levels for the day are
Long above 9252 for 9261 - 9271 - 9299 , SL 9233
Short below 9222 for 9213 - 9203 - 9175 , SL 9242
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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.