Nifty spot opened at 9807.30 , made a low of 9787.70 and then made a high of 9824.95 before closing at 9816.10 which is a new record high closing and also the first above 9800.
Had mentioned that long positions for the day can be taken above 9801 and short positions for the day can be taken below 9771 . Nifty triggered our long trade and completed 2 targets. Nifty had triggered our weekly longs this week and nearly completed all our weekly long targets , missing our last weekly long target by 10 points . Nifty weekly longs has so far given nearly 130 points . Nifty has closed above 9800 today which is also a new record high.
As mentioned previously " 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 " , and today again Nifty sustained above 9770 and went close to 9830 - 9850 levels towards the end of session. As long as Nifty is sustaining above 9750 - 9770 levels we can see nifty retest the range of 9830 - 9850 again. Those who are holding longs should now move up their trailing cbsl to 9750 . Further upmove in Nifty can be expected on sustaining / closing above 9835 . Those who have taken short positions in the up move today should keep a strict cbsl of 9835 .
For today if Nifty spot sustains above 9831 we can see a initial move on the upside till 9846 & on sustaining above 9850 we may see further move till 9878. Similarly if Nifty spot sustains below 9802 we may see a initial move on the downside till 9786 & on sustaining below 9782 we may see a further move till 9755
Nifty Spot Levels for the day are
Long above 9831 for 9840 - 9850 - 9878 , SL 9812
Short below 9802 for 9793 - 9782 - 9755 , SL 9821
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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.