Nifty spot opened at 9621.55 , made a high of 9627.40 and then made a low of 9580.45 before closing at 9618.15
Had mentioned that long positions for the day can be taken above 9618 and short positions for the day can be taken below 9596 . Nifty triggered our long trade after opening and completed just 1 target . Further upmove for the day was expected on sustianing above 9632 and Nifty reversed from the days high and triggered our short trade and completed 2 targets for the day . Nifty had triggered our weekly short trade at 9654 this week and today completed 5 targets on the short side and missed our last target by 10 points . Had mentioned in the previous post " Nifty spot on sustaining below 9614 tomorrow can test upto 9570 levels are per the weekly short targets " , and we got a low at 9580.45 near our expected levels .
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 " , today Nifty made a low of 9580.45 near our expected level of 9580 - 9570 to book shorts taken last week giving more than 100 points from the trade . Those who are looking to go long here can keep a strict cbsl of 9560 spot . Once Nifty breaks and sustains below 9560 we can expect a further correction towards the next support levels .
For today if Nifty spot sustains above 9629 we can see a initial move on the upside till 9641 & on sustaining above 9644 we may see further move till 9665 . Similarly if Nifty spot sustains below 9607 we may see a initial move on the downside till 9595 & on sustaining below 9592 we may see a further move till 9571.
Nifty Spot Levels for the day are
Long above 9629 for 9636 - 9644 - 9665 , SL 9615
Short below 9607 for 9600 - 9592 - 9571 , SL 9622
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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.