Nifty spot opened at 9670.50 , made a high of 9676.50 and then made a low of 9643.75 before closing at 9653.50
Had mentioned that long positions for the day can be taken above 9671 and short positions for the day can be taken below 9644 . Nifty triggered our long trade at opening but could not complete any target . Post that Nifty traded between our long and short trigger level the whole day . Nifty has today consolidated after the move in the previous session and we can expect range bound trading for a session more before the next big move . Nifty today completed our 5th weekly long target at 9676 before closing again marginally above 9652 .
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 . As have been mentioning " Nifty has its immediate resistance near 9650 - 9670 zone and above that near 9750 - 9770 zone " .Had mentioned in the previous posts " Those who are looking to go long here can keep a strict cbsl of 9560 spot " , and we have seen a move of 100+ points after making a low of 9560.80 last week and holding our cbsl . Now sustaining above 9650 - 9670 levels in the coming sessions we can expect Nifty to move up towards a new high . Those who are holding longs should look to book once near 9715 - 9730 levels . Longs can be held further on getting a close above 9745 . Those who are looking to go short again near 9715 - 9730 should keep a strict cbsl of 9745 spot as being unable to give a consecutive close above it can make Nifty retest 9560 levels . Once Nifty breaks and sustains below 9560 we can expect a further correction towards the next support levels at 9500 - 9480 . Today Nifty has again closed within our resistance zone of 9650 - 9670 and it needs to sustain above it in the coming session to retest 9700 levels.
For today if Nifty spot sustains above 9666 we can see a initial move on the upside till 9680 & on sustaining above 9683 we may see further move till 9708 . Similarly if Nifty spot sustains below 9641 we may see a initial move on the downside till 9627 & on sustaining below 9624 we may see a further move till 9599.
Nifty Spot Levels for the day are
Long above 9666 for 9674 - 9683 - 9708 , SL 9650
Short below 9641 for 9633 - 9624 - 9599 , SL 9657
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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.