Nifty spot opened at 9337.35, made a high of 9338.95 and made a low of 9307.70 before closing at 9316.85 .
Had mentioned that long positions for the day can be taken above 9306 and short positions for the day can be taken below 9265 . Nifty triggered our long trade but could not complete any target . Nifty weekly longs get confirmed on sustaining above 9340 and Nifty has been unable to break and sustain above it in the last 2 sessions.
Now for this week Nifty Spot needs to break and sustain above 9340 for long confirmation, then we can expect a move till 9374 - 9398 initially and closing above 9412 we can expect the next move till 9462 - 9516 . Similarly this week Nifty spot needs to break and sustain below 9231 for short confirmation, then we can expect a move till 9197 - 9173 initially and closing below 9159 we can expect a further move till 9109 - 9054. Nifty has come close to breaking above our weekly long levels in the last session but has been unable to break above it . After trading in a narrow range for the last sessions Nifty should give a breakout of the range in the next 2 sessions .
The geopolitical issues is what can cause some concern for longs as and when it escalates . Nifty has a strong support near 9242 - 9203 currently and further correction can be expected only on closing below this range . Those who are looking to go long on a further downmove this week should keep a strict cbsl of 9203 . Had given a cbsl for shorts at 9405 in the previous post and those who would have shorted with it should now move their stoploss to 9319 spot and look to book out if Nifty does not break and sustain below 9231.
For today if Nifty spot sustains above 9331 we can see a initial move on the upside till 9346 & on sustaining above 9350 we may see further move till 9377. Similarly if Nifty spot sustains below 9303 we may see a initial move on the downside till 9288 & on sustaining below 9284 we may see a further move till 9257
Nifty Spot Levels for the day are
Long above 9331 for 9340 - 9350 - 9377 , SL 9312
Short below 9303 for 9294 - 9284 - 9257 , SL 9321
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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.