Nifty spot opened at 9595.45 , made a high of 9615.85 and then made a low of 9565.50 before closing at 9588.05
Had mentioned that long positions for the day can be taken above 9589 and short positions for the day can be taken below 9567 . Nifty triggered our long trade for the day by opening above our first long target and missed our last target by 8 points . Nifty then reversed and went down to test our short trigger but could not sustain below it .
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 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 " , and Nifty made a low of 9560.80 near our support giving around 140 points from the short trade taken above 9700 . As mentioned in the previous posts " 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 at 9500 - 9480 . Holding 9560 on closing we can expect Nifty to move upwards again to make a new high
For today if Nifty spot sustains above 9598 we can see a initial move on the upside till 9609 & on sustaining above 9612 we may see further move till 9632 . Similarly if Nifty spot sustains below 9578 we may see a initial move on the downside till 9567 & on sustaining below 9564 we may see a further move till 9544.
Nifty Spot Levels for the day are
Long above 9598 for 9605 - 9612 - 9632 , SL 9585
Short below 9578 for 9571 - 9564 - 9544 , SL 9591
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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.