Nifty spot opened at 9626.40 , made a low of 9614.90 and then made a high of 9673.30 before closing at 9657.55
Had mentioned that long positions for the day can be taken above 9598 and short positions for the day can be taken below 9578 . Nifty opened near our last target as per daily levels and also confirmed our weekly long trade above 9615 and missed our 5th weekly long target by 3 points . Nifty has closed above 9652 which is our weekly level to hold longs for a further move towards 9700 .
The geopolitical issues is what can cause some concern for longs as and when it escalates .A bigger correction can be expected only if Nifty breaks and sustains below 9335 - 9355 zone where there is a strong support for now . As have been mentioning " Nifty has its immediate resistance near 9650 - 9670 zone and above that near 9750 - 9770 zone " .Had mentioned in the previous posts " Those who are looking to go long here can keep a strict cbsl of 9560 spot " , and we have seen a move of 100+ points after making a low of 9560.80 last week and holding our cbsl . Now sustaining above 9650 - 9670 levels in the coming sessions we can expect Nifty to move up towards a new high . Those who are holding longs should look to book once near 9715 - 9730 levels . Longs can be held further on getting a close above 9745 . Those who are looking to go short again near 9715 - 9730 should keep a strict cbsl of 9745 spot as being unable to give a consecutive close above it can make Nifty retest 9560 levels . Once Nifty breaks and sustains below 9560 we can expect a further correction towards the next support levels at 9500 - 9480 .
For today if Nifty spot sustains above 9671 we can see a initial move on the upside till 9685 & on sustaining above 9689 we may see further move till 9714 . Similarly if Nifty spot sustains below 9644 we may see a initial move on the downside till 9630 & on sustaining below 9627 we may see a further move till 9601.
Nifty Spot Levels for the day are
Long above 9671 for 9679 - 9689 - 9714 , SL 9653
Short below 9644 for 9636 - 9627 - 9601 , SL 9662
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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.