Nifty spot opened at 9108.10 , made a low of 9102.65 , it went up till 9143.90 before closing at 9136.40. Had mentioned that long positions for the day can be taken above 9119 and short positions for the day can be taken below 9092 .
Nifty initially triggered our long trade and completed 2 targets for the day . Had mentioned in the previous post that " 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 " and we had seen a low of 9075.15 in the previous session .
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 9071 spot for their fresh positions" .Nifty made a low of 9075.15 and held 9071 on closing basis giving a good entry for longs with a very small CBSL of 4 points. The geopolitical issues is what can cause some concern for longs as and when it escalates . For now those who entered longs in the previous session have seen a 70 point upmove holding our cbsl .
For today if Nifty spot sustains above 9150 we can see a initial move on the upside till 9165 & on sustaining above 9169 we may see further move till 9195 . Similarly if Nifty spot sustains below 9123 we may see a initial move on the downside till 9108 & on sustaining below 9104 we may see a further move till 9078
Nifty Spot Levels for the day are
Long above 9150 for 9159 - 9169 - 9195 , SL 9132
Short below 9123 for 9114 - 9104 - 9078 , SL 9141
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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 t14hat 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.