Nifty spot opened at 9522.95 , made a high of 9575.80 and then made a low of 9493.80 before closing at 9504.10
Had mentioned that long positions for the day can be taken above 9505 and short positions for the day can be taken below 9477 . Nifty opened near our 2nd target for the day and exceeded our last daily target by 25 points and then we saw a good correction wiping out all the gains for day .
A bigger correction can be expected only if Nifty breaks and sustains below 9335 - 9355 zone where there is a strong support for now . As have been mentioning " Nifty has its immediate resistance near 9650 - 9670 zone and above that near 9750 - 9770 zone " . Now Nifty needs to break and sustain above 9580 to test the resistance zone of 9650 - 9670 again initially . Once Nifty breaks and sustains below 9560 we can expect a further correction towards the next support levels at 9500 - 9480 . Now on sustaining further below 9480 we can expect a test of 9430 - 9415 next with small support at 9460 . Holding 9460 - 9480 zone we can see Nifty make move back till 9560 - 9580 levels again . Overall Nifty is trading in a 100 point range between 9480 - 9580 as of now.
For today if Nifty spot sustains above 9518 we can see a initial move on the upside till 9533 & on sustaining above 9537 we may see further move till 9564 . Similarly if Nifty spot sustains below 9490 we may see a initial move on the downside till 9475 & on sustaining below 9471 we may see a further move till 9445
Nifty Spot Levels for the day are
Long above 9518 for 9527 - 9537 - 9564 , SL 9500
Short below 9490 for 9481 - 9471 - 9445 , SL 9508
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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.