Nifty spot opened at 9225.60 , made a high of 9225.65 , it went down till 9174.85 before closing at 9181.45 . Had mentioned that long positions can be taken above 9215 and short positions can be taken below 9181.
Nifty triggered our long trade today and did not complete any target and took our TSL . Nifty made a high just 0.35 points below its weekly long trigger which was a indication that today Nifty might reverse from there. It then triggered our short trade but again did not complete any target . Such both direction moves come on days when Bank Nifty and Nifty are seen moving in different directions .
Now for this week Nifty Spot needs to break and sustain above 9244 for long confirmation, then we can expect a move till 9271 - 9291 initially and closing above 9303 we can expect the next move till 9344 - 9390 . Similarly this week Nifty spot needs to break and sustain below 9153 for short confirmation, then we can expect a move till 9125 - 9105 initially and closing below 9093 we can expect a further move till 9052 - 9007 . Nifty needs to give a consecutive close above 9277 for fresh long positions to be entered for this month . Had mentioned in the previous post that " Incase Nifty is unable to sustain / close above 9277 - 9290 we may see a correction till 9145 - 9125 with initial supports at 9205 - 9190 levels " , we saw Nifty make a low of 9174.85 and also close below the supports at 9205 - 9190 levels today . In tomorrows session if Nifty does not break and sustain above 9190 - 9205 then we may see selling pressure again and a move towards 9145 - 9125 . Today Bank Nifty was stronger and if tomorrow it sustains above 21580 then we may not see much correction again in Nifty and it might hold and pull Nifty up too.
For the month of April we can expect uptrend in Nifty spot on a consecutive closing above 9277 and downtrend on a consecutive closing below 9071 . We had seen a move of nearly 250+ points after sustaining / closing above our monthly long confirmation level in March .
Those who are now looking to enter fresh longs on a correction till near 9142 - 9125 levels should keep a cbsl of 9070 spot for their fresh positions.
For today if Nifty spot sustains above 9196 we can see a initial move on the upside till 9211 & on sustaining above 9215 we may see further move till 9243 . Similarly if Nifty spot sustains below 9167 we may see a initial move on the downside till 9152 & on sustaining below 9148 we may see a further move till 9120 .
Nifty Spot Levels for the day are
Long above 9196 for 9205 - 9215 - 9243 , SL 9177
Short below 9167 for 9158 - 9148 - 9120 , SL 9186
If you want to see the post in your Inbox , kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate box at the bottom of the post.
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.