Nifty spot opened at 9594.05 , made a high of 9615.40 and then made a low of 9473.45 before closing at 9511.40
Had mentioned that long positions for the day can be taken above 9588 and short positions for the day can be taken below 9560 . Nifty triggered our long trade at opening and completed 2 targets and then reversed to trigger our short trade for the day taking our TSL for the long trade and completed all our short targets for the day . Nifty had failed to sustain above our weekly long confirmation levels after triggering it and reversed to trigger our short trade for the week and completed 4 short targets too .
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 " . Now Nifty needs to break and sustain above 9560 to test the resistance zone of 9650 - 9670 again initially . Had mentioned in the previous post "Once Nifty breaks and sustains below 9560 we can expect a further correction towards the next support levels at 9500 - 9480 " and we saw Nifty today make a low of 9473.45 on sustaining below 9560. Now on sustaining further below 9480 we can expect a test of 9430 - 9415 next with small support at 9460 .
For today if Nifty spot sustains above 9588 we can see a initial move on the upside till 9601 & on sustaining above 9604 we may see further move till 9629 . Similarly if Nifty spot sustains below 9560 we may see a initial move on the downside till 9549 & on sustaining below 9545 we may see a further move till 9521
Nifty Spot Levels for the day are
Long above 9526 for 9535 - 9545 - 9573 , SL 9607
Short below 9499 for 9488 - 9478 - 9450 , SL 9516
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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.