Nifty spot opened at 9163 , made a high of 9217.90 , it went down till 9095.45 before closing at 9105.15. Had mentioned that long positions for the day can be taken above 9155 and short positions for the day can be taken below 9123.
Nifty initially triggered our long trade today and completed all our daily targets . Nifty had also triggered our weekly long today and missed our 3rd target by 2 points . Further upmove for the week was to get confirmed on sustaining / closing above 9250 and we saw Nifty reverse from our initial 3rd target and then trigger our daily short trade and again complete 2 targets . Nifty has closed below our weekly short trade confirmation levels of 9108 today and we should see a test of our monthly short confirmation levels of 9071 .
Now for this week Nifty Spot needs to break and sustain above 9193 for long confirmation, then we can expect a move till 9220 - 9238 initially and closing above 9250 we can expect the next move till 9288 - 9330 . Similarly this week Nifty spot needs to break and sustain below 9108 for short confirmation, then we can expect a move till 9082 - 9063 initially and closing below 9052 we can expect a further move till 9013 - 8971 . Nifty needs to give a consecutive close above 9277 for fresh long positions to be entered for this month and a consecutive close below 9071 for fresh short positions to be entered for this month . Nifty has been currently in a trading range of 9071 - 9277 so far this month and we need to see a breakout with volumes on either side for a trending move .
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 .
Had mentioned in the last few posts that "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" , and we got a good bounce today from the lows of 9120.05 made in the previous session of nearly 100 points . Today again we have made a low of 9095.45 and we need to hold 9071 on closing basis to stay long . Closing below 9071 will open doors till 8971 with support near 9052 levels .
For today if Nifty spot sustains above 9119 we can see a initial move on the upside till 9133 & on sustaining above 9136 we may see further move till 9162 . Similarly if Nifty spot sustains below 9092 we may see a initial move on the downside till 9077 & on sustaining below 9074 we may see a further move till 9048
Nifty Spot Levels for the day are
Long above 9119 for 9127 - 9136 - 9162 , SL 9101
Short below 9092 for 9083 - 9074 - 9048 , SL 9109
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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.