Nifty spot opened at 9670.35 , made a high of 9684.25 and then made a low of 9642.65 before closing at 9665.80
Had mentioned that long positions for the day can be taken above 9703 and short positions for the day can be taken below 9657 . Nifty triggered our short trade and completed only 1 target for the day .
As mentioned previously " We can expect a bigger move once Nifty spot breaks and sustains beyond the range of 9440 - 9600 in the coming sessions ." and Nifty gave a further 100 point move on breaking and sustaining above 9600 in the previous week . Also as mentioned in the previous posts " Nifty now needs to break and sustain / close above 9655 to make a move towards the all time high with a small resistance near 9680 - 9700 levels ." , and Nifty made a high of 9700.70 and took resistance at the outer end of the range in the previous week . Nifty has been closing above 9655 and holding the same we can expect Nifty to retest the resistance again and move above it to make a new high . Those who are holding longs should now move up their cbsl to 9625 spot . Nifty now needs to break and sustain above 9710 to test 9750 - 9770 levels initially and above it we can see a test of 9830 - 9850 levels . Similarly now breaking and sustaining / closing below 9625 we can see a test again of 9580 - 9570 initially and below it we can see a test of 9510 - 9490 levels. The geo-political scenario needs to watched as there are a few things which can derail the upmove .
For today if Nifty spot sustains above 9682 we can see a initial move on the upside till 9698 & on sustaining above 9702 we may see further move till 9732. Similarly if Nifty spot sustains below 9650 we may see a initial move on the downside till 9634 & on sustaining below 9629 we may see a further move till 9599
Nifty Spot Levels for the day are
Long above 9682 for 9691 - 9702 - 9732 , SL 9661
Short below 9650 for 9640 - 9629 - 9599 , SL 9671
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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.