Nifty spot opened at 9480.25 , made a high of 9498.65 and then made a low of 9427.90 before closing at 9438.25
Had mentioned that long positions for the day can be taken above 9447 and short positions for the day can be taken below 9408 . Nifty triggered our long trade with a gap up above our 2nd long target and did not give any chance for long to enter . It reversed from 12 points before our last long target for the day . We had got a chance to initiate shorts again today with a cbsl of 9535 and those who would have taken the trade would have gained 50 points again in shorts . As mentioned in the previous post " 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 9479 for long confirmation, then we can expect a move till 9511 - 9534 initially and closing above 9547 we can expect the next move till 9594 - 9646 . Similarly this week Nifty spot needs to break and sustain below 9376 for short confirmation, then we can expect a move till 9345 - 9322 initially and closing below 9308 we can expect a further move till 9262 - 9210. The previous week Nifty 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 . Today Nifty opened gap above our weekly long confirmation level but could not sustain and reversed indicating weakness.
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 has good support currently at 9410 - 9400 zone and below that at 9370 - 9360 zone and as mentioned in the previous post too , 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 . Nifty is currently trading in a range of 9375 - 9535 and sustaining / closing beyong this range is required for a bigger move.
For today if Nifty spot sustains above 9458 we can see a initial move on the upside till 9478 & on sustaining above 9483 we may see further move till 9521 . Similarly if Nifty spot sustains below 9419 we may see a initial move on the downside till 9398 & on sustaining below 9393 we may see a further move till 9356
Nifty Spot Levels for the day are
Long above 9458 for 9470 - 9483 - 9521 , SL 9432
Short below 9419 for 9407 - 9393 - 9356 , SL 9444
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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.