Nifty spot opened at 9453.20 , made a high of 9489.10 and made a low of 9418.10 before closing at 9429.25
Had mentioned that long positions for the day can be taken above 9544 and short positions for the day can be taken below 9508 . Nifty triggered our short trade at opening and completed all our short target for the day . We had initiated shorts in the previous session with a cbsl of 9535 and had also mentioned in the previous post "Nifty has good support currently at 9410 - 9400 zone and below that at 9370 - 9360 zone and those who went short today should watch for these support zones incase Nifty corrects beyond our last intraday target " , Nifty made a low of 9418 and gave us 100+ points from our short trade carried over from the previous session . Now Nifty needs to break and sustain below 9410 - 9400 zone to see a test of the next support at 9370 - 9360 .
Now for this week Nifty Spot needs to break and sustain above 9445 for long confirmation, then we can expect a move till 9472 - 9491 initially and closing above 9503 we can expect the next move till 9542 - 9586 . Similarly this week Nifty spot needs to break and sustain below 9357 for short confirmation, then we can expect a move till 9330 - 9311 initially and closing below 9299 we can expect a further move till 9260 - 9216. This week Nifty has completed our 4 targets from the weekly long trade and took resistance near our cbsl level of 9535 for shorts and has now reversed 100 points .
The geopolitical issues is what can cause some concern for longs as and when it escalates . Nifty has a strong support near 9242 - 9203 currently and bigger correction can be expected only on closing below this range . Had mentioned in the previous post that "Nifty is approaching a resistance zone now and should take resistance near 9542 - 9589 zone . A consecutive close above 9534 can open doors for a further upmove and it should be the cbsl for those who are looking to go short on further rise." , . Nifty had given a good entry point for shorts at 9530 with a small stoploss of 4 points in the previous session on Wednesday. Nifty has good support currently at 9410 - 9400 zone and below that at 9370 - 9360 zone and those who are short should look to book near these support zones incase Nifty does not break and sustain below them . Those who are looking to go long on a further correction can keep a strict cbsl of 9335 for their positions
For today if Nifty spot sustains above 9449 we can see a initial move on the upside till 9469 & on sustaining above 9475 we may see further move till 9512. Similarly if Nifty spot sustains below 9410 we may see a initial move on the downside till 9389 & on sustaining below 9384 we may see a further move till 9347
Nifty Spot Levels for the day are
Long above 9449 for 9461 - 9475 - 9512 , SL 9423
Short below 9410 for 9398 - 9384 - 9347 , SL 9435
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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.