Nifty spot opened at 9615.55 , made a high of 9654.15 and then made a low of 9595.40 before closing at 9606.90
Had mentioned that long positions for the day can be taken above 9627 and short positions for the day can be taken below 9605 . Nifty triggered our long trade after opening and completed 2 targets , missing our last long target for the day by 9 points . Nifty had triggered our weekly short trade at 9654 in the previous session and today reversed from the same and went down to trigger our short trade for the day and completed just 1 target. Those who followed the weekly levels today , again got a good entry for a short trade and saw 4 weekly short targets get achieved again . Nifty spot on sustaining below 9614 tomorrow can test upto 9570 levels are per the weekly short targets.
The geopolitical issues is what can cause some concern for longs as and when it escalates . A bigger correction can be expected only if Nifty breaks and sustains below 9335 - 9355 zone where there is a strong support for now . Nifty has its immediate resistance near 9650 - 9670 zone and above that near 9750 - 9770 zone .Had mentioned in the previous post " Those who are still holding longs entered with the given cbsl of 9335 in the previous correction till 9341 should move up their trailing cbsl to 9640 spot now " , which has been taken . Nifty closing below 9620 can test its immediate support near 9550 - 9520 zone and below it the next support near 9480 - 9460 zone . Nifty needs to sustain / close above 9650 - 9670 zone again for a test of 9715 - 9750 . As already mentioned previously " Those who are looking to go short on further upmove this week should keep a strict cbsl of 9745 " , and those who had gone short above 9700 last week should now look to book their positions once near 9580 - 9570 as Nifty has a strong support near 9560 which needs to be broken and sustained for a further correction . Those who are holding shorts should now move their trailing cbsl to 9655 for the coming session.
For today if Nifty spot sustains above 9618 we can see a initial move on the upside till 9630 & on sustaining above 9632 we may see further move till 9653 . Similarly if Nifty spot sustains below 9596 we may see a initial move on the downside till 9584 & on sustaining below 9581 we may see a further move till 9560.
Nifty Spot Levels for the day are
Long above 9618 for 9625 - 9632 - 9653 , SL 9604
Short below 9596 for 9589 - 9581 - 9560 , SL 9610
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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 educ7ational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.