Nifty spot opened at 9384.05 , made a low of 9379.20 and then made a high of 9523.30 before closing at 9509.75
Had mentioned that long positions for the day can be taken above 9378 and short positions for the day can be taken below 9343 . Nifty triggered our long trade and completed all our long targets for the day . It then went on to trigger our weekly long trade and completed our initial 3 targets for the week . Over all Nifty gave us nearly 150 points from the long trade today .
Now for this week Nifty Spot needs to break and sustain above 9479 for long confirmation, then we can expect a move till 9511 - 9534 initially and closing above 9547 we can expect the next move till 9594 - 9646 . Similarly this week Nifty spot needs to break and sustain below 9376 for short confirmation, then we can expect a move till 9345 - 9322 initially and closing below 9308 we can expect a further move till 9262 - 9210. Today Nifty broke above our weekly long confirmation levels of 9480 and completed our initial 3 weekly long targets .
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 . Had mentioned in the previous post that "Nifty is approaching a resistance zone now and should take resistance near 9542 - 9589 zone . A consecutive close above 9534 can open doors for a further upmove and it should be the cbsl for those who are looking to go short on further rise." , Nifty has good support currently at 9410 - 9400 zone and below that at 9370 - 9360 zone and as mentioned in the previous post too , those who are short should look to book near these support zones and in the previous session Nifty made a low of 9370 finally giving 150+ points from the positional short trade taken at 9530 levels with a cbsl of 9535 . Had mentioned in the previous post that " Those who are looking to go long from here should keep a strict cbsl of 9335 spot for their positions as sustaining / closing below it can take Nifty further down towards 9242 - 9203 levels with some support at 9310 . Nifty had closed below the lower end of its trading range of 9375 - 9535 in the previous session but today opened and sustained above 9375 and wiped out all the corrections of the previous sessions in a single day . Nifty now needs to break and sustain / close above 9535 to go up further in the coming sessions.
Also as mentioned in the previous post " Nifty closing below 9402 is indicating some weakness and as mentioned above those who are looking to go long should keep a strict cbsl of 9335 spot for their positions as we may see further downside if Nifty sustains below 9370 - 9360 range in the coming sessions .Nifty has resistance on the upside now at 9445 - 9465 levels and can face selling pressure around these levels if it moves up . Traders can look to short near these levels with a cbsl of 9480 in the coming sessions." . Nifty opened above 9370 - 9360 zone and broke out above 9445 - 9465 zone on the back of short covering and also some fresh buying taking the stoploss at 9480 which was also the weekly long confirmation level reversing the short trade taken .
For today if Nifty spot sustains above 9536 we can see a initial move on the upside till 9563 & on sustaining above 9570 we may see further move till 9619 . Similarly if Nifty spot sustains below 9484 we may see a initial move on the downside till 9457 & on sustaining below 9450 we may see a further move till 9401
Nifty Spot Levels for the day are
Long above 9536 for 9551 - 9570 - 9619 , SL 9502
Short below 9484 for 9468 - 9450 - 9401 , SL 9518
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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.