Nifty spot opened at 9920.20 , made a high of 9922.55 , made a low at 9863.45 , before closing at 9873.30.
Had mentioned that long positions for the day can be taken above 9920 and short positions for the day can be taken below 9879 . Nifty triggered our long trade at opening and reversed without completing any target . Nifty then triggered our short trade for the day and completed just 1 target . Today it traded in a narrow range . Nifty is yet to break above our weekly long confirmation levels for a further upmove .
Had mentioned at the beginning of this week " Nifty now in the coming sessions needs to break and sustain / close above 9925 to test 9965 - 9975 levels initially and above it we can see a test of 10010 - 10045 levels . Similarly now breaking and sustaining / closing below 9849 we can see a test of 9810 - 9800 initially and below it we can see a test of 9765 - 9730 levels . " . As mentioned in the previous post " Now in the coming session Nifty needs to break and sustain above 9925 to make a move towards our next immediate targets of 9965 - 9975 on the upside and failing to do so can see a retest of the supports ." , and today we saw Nifty reverse from near 9925 and come close to testing the support . Nifty is trading now in a range of 9849 - 9925 and breaking and sustaining of this range can give a further 100 points move on either side.
Nifty Spot Levels for the day are
Long above 9895 for 9908 - 9923 - 9964 , SL 9867
Short below 9852 for 9839 - 9824 - 9783 , SL 9880
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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.Nifty