Nifty spot opened at 9436.65, made a high of 9437.75 and made a low of 9372.55 before closing at 9400.90
Had mentioned that long positions for the day can be taken above 9440 and short positions for the day can be taken below 9405 . Nifty triggered our short trade and completed 2 targets for the day . Nifty had confirmed our weekly longs in the previous sessions and completed nearly 5 targets , missing the 5th one by 12 points giving around 125 points from the weekly long trade.
Now for this week Nifty Spot needs to break and sustain above 9445 for long confirmation, then we can expect a move till 9472 - 9491 initially and closing above 9503 we can expect the next move till 9542 - 9586 . Similarly this week Nifty spot needs to break and sustain below 9357 for short confirmation, then we can expect a move till 9330 - 9311 initially and closing below 9299 we can expect a further move till 9260 - 9216.
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 bigger correction can be expected only on closing below this range .
For today if Nifty spot sustains above 9418 we can see a initial move on the upside till 9435 & on sustaining above 9440 we may see further move till 9471. Similarly if Nifty spot sustains below 9384 we may see a initial move on the downside till 9367 & on sustaining below 9363 we may see a further move till 9331
Nifty Spot Levels for the day are
Long above 9418 for 9428 - 9440 - 9471 , SL 9396
Short below 9384 for 9374 - 9363 - 9331 , SL 9406
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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.