Nifty spot opened at 9478.50 , made a low of 9448.75 and then made a high of 9535.80 before closing at 9520.90
Had mentioned that long positions for the day can be taken above 9518 and short positions for the day can be taken below 9490 . Nifty initially triggered our short trade and nearly completed all our short targets for the day , missing our last target by 4 points . It then reversed and triggered our long trade and nearly completed 2 targets on the long side .
We saw a small correction of 250 points in June from above 9700 levels and stoploss for those who wished to short was given as 9745 closing basis . Now we can expect further correction on sustaining / closing below 9440 . Holding the same we can see Nifty retest 9560 levels initially and breaking and sustaining above 9560 we should test 9600 levels next. Similarly breaking and sustaining below 9480 levels we can see a test of 9440 levels . We can expect a bigger move once Nifty spot breaks and sustains beyond the range of 9440 - 9600 in the coming sessions .
For today if Nifty spot sustains above 9535 we can see a initial move on the upside till 9550 & on sustaining above 9554 we may see further move till 9581 . Similarly if Nifty spot sustains below 9507 we may see a initial move on the downside till 9492 & on sustaining below 9488 we may see a further move till 9461
Nifty Spot Levels for the day are
Long above 9535 for 9544 - 9554 - 9581 , SL 9517
Short below 9507 for 9498 - 9488 - 9461 , SL 9525
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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.