Nifty spot opened at 9646.70 , made a high of 9647.05 and then made a low of 9598.50 before closing at 9616.40
Had mentioned that long positions for the day can be taken above 9677 and short positions for the day can be taken below 9659 . Nifty opened near our 2nd short target for the day and also confirmed our weekly shorts below 9645 and went on to complete our initial 4 short targets for the week . Had mentioned in the previous post that " Once all the daily targets are achieved on any side then one should switch to the weekly levels given " , and it helped today to stay short for more after daily levels got achieved .
The geopolitical issues is what can cause some concern for longs as and when it escalates .Nifty has a strong support near 9355 - 9335 currently and bigger correction can be expected only on closing below this range . Nifty has its immediate resistance near 9650 - 9670 zone and above that near 9750 - 9770 zone .Had mentioned in the previous post " Those who are still holding longs entered with the given cbsl of 9335 in the previous correction till 9341 should move up their trailing cbsl to 9640 spot now " , and the cbsl has been taken today .Nifty has its immediate support near 9550 - 9520 zone and below it near 9480 - 9460 zone once its sustains / closes below 9620.Nifty needs to sustain above 9650 - 9670 zone for a test of 9715 - 9750 . As already mentioned previously " Those who are looking to go short on further upmove this week should keep a strict cbsl of 9745 " , and those who had gone short above 9700 last week should now look to book their positions once near 9580 - 9570 as Nifty has a strong support near 9560 which needs to be broken and sustained for a further correction .
For today if Nifty spot sustains above 9627 we can see a initial move on the upside till 9639 & on sustaining above 9642 we may see further move till 9663 . Similarly if Nifty spot sustains below 9605 we may see a initial move on the downside till 9594 & on sustaining below 9591 we may see a further move till 9570.
Nifty Spot Levels for the day are
Long above 9627 for 9634 - 9642 - 9663 , SL 9613
Short below 9605 for 9599 - 9591 - 9570 , SL 9620
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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 educ7ational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.