Nifty spot opened at 9135.35 , made a low of 9130.55 , it went up till 9225.40 before closing at 9217.95. Had mentioned that long positions for the day can be taken above 9132 and short positions for the day can be taken below 9107
Nifty triggered our long trade and completed all our daily targets . Nifty also confirmed our weekly longs and completed 5 targets giving around 80 points from the long trade today. We had got a good chance to go long again on Friday with our cbsl at 9071 , a small sl of 20 point and we have done nearly 125+ points till now .
Now for this week Nifty Spot needs to break and sustain above 9152 for long confirmation, then we can expect a move till 9171 - 9186 initially and closing above 9194 we can expect the next move till 9224 - 9256 . Similarly this week Nifty spot needs to break and sustain below 9087 for short confirmation, then we can expect a move till 9067 - 9053 initially and closing below 9045 we can expect a further move till 9015 - 8983 . Nifty today tested our second next resistance zone of 9224 - 9256 with a high of 9225.40 . 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 previous post "Nifty again gave a good entry on Friday with a 15 point cbsl and holding 9071 we can see a move again till 9190 - 9210 levels" and we saw it being done today . The geopolitical issues is what can cause some concern for longs as and when it escalates . Breaking and sustaining below 9071 we can see a test upto 8985 - 8960 levels. Breaking and sustaining above 9277 we see a test of 9341 - 9386 levels.
For today if Nifty spot sustains above 9236 we can see a initial move on the upside till 9254 & on sustaining above 9259 we may see further move till 9293 . Similarly if Nifty spot sustains below 9200 we may see a initial move on the downside till 9181 & on sustaining below 9177 we may see a further move till 9143
Nifty Spot Levels for the day are
Long above 9236 for 9247 - 9259 - 9293 , SL 9212
Short below 9200 for 9189 - 9177 - 9143 , SL 9223
If you want to see the post in your Inbox , kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate box at the bottom of the post.
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.