Nifty spot opened at 9410.90 , made a high of 9431.90 and then made a low of 9341.65 before closing at 9360.55
Had mentioned that long positions for the day can be taken above 9404 and short positions for the day can be taken below 9369 . Nifty initially triggered our long trade and completed 2 targets . It then reversed and triggered our short trade for the day and completed 2 targets again on the short side for the day . As have been mentioning in the previous posts " Now Nifty needs to break and sustain below 9410 - 9400 zone to see a test of the next support at 9370 - 9360 " , and today we saw Nifty break the next support at 9370 - 9360 and make a low of 9341.65 before closing at 9360.55 for the day .
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. Today Nifty broke below our weekly short confirmation levels of 9376 and closed below it indicating we may see further correction .
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 and in the previous session Nifty made a low of 9370 finally giving 150+ points from the positional short trade taken at 9530 levels with a cbsl of 9535 . Had mentioned in the previous post that " Those who are looking to go long from here should keep a strict cbsl of 9335 spot for their positions as sustaining / closing below it can take Nifty further down towards 9242 - 9203 levels with some support at 9310 . As mentioned in the previous post Nifty is currently trading in a range of 9375 - 9535 and sustaining / closing beyond this range is required for a bigger move and today Nifty has closed beyond the lower end of the range . Last week Nifty had nearly tested the higher end of the range with a high of 9532.60 and failed to give a close above it and today it has broken and closed below the lower end of the range with a close of 9360.55 .
Nifty closing below 9402 is indicating some weakness and as mentioned above those who are looking to go long should keep a strict cbsl of 9335 spot for their positions as we may see further downside if Nifty sustains below 9370 - 9360 range in the coming sessions .Nifty has resistance on the upside now at 9445 - 9465 levels and can face selling pressure around these levels if it moves up . Traders can look to short near these levels with a cbsl of 9480 in the coming sessions.
For today if Nifty spot sustains above 9378 we can see a initial move on the upside till 9397 & on sustaining above 9401 we may see further move till 9435 . Similarly if Nifty spot sustains below 9343 we may see a initial move on the downside till 9324 & on sustaining below 9320 we may see a further move till 9286
Nifty Spot Levels for the day are
Long above 9378 for 9389 - 9401 - 9435 , SL 9355
Short below 9343 for 9332 - 9320 - 9286 , SL 9366
Expiry Upper End : - 9418
Expiry Lower End : - 9303
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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.