Nifty spot opened at 9648.10 , made a high of 9650.45 and then made a low of 9608.60 before closing at 9633.60
Had mentioned that long positions for the day can be taken above 9666 and short positions for the day can be taken below 9641 . Nifty triggered our short trade and completed 2 targets for the day . Nifty has been consolidating for the last 2 days and we should see a bigger move soon . Nifty has completed 5 weekly long targets at 9676 and only our last long target is pending for the week .
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 . Had also mentioned in the previous few posts " Now sustaining above 9650 - 9670 levels in the coming sessions we can expect Nifty to move up towards a new high " , and Nifty has been taking resistance in this zone . 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 . Nifty has been unable to sustain / close above our resistance zone of 9650 - 9670 in this upmove from 9560 which is required in the coming sessions to retest 9700 levels.
For today if Nifty spot sustains above 9647 we can see a initial move on the upside till 9660 & on sustaining above 9664 we may see further move till 9688 . Similarly if Nifty spot sustains below 9621 we may see a initial move on the downside till 9607 & on sustaining below 9604 we may see a further move till 9579.
Nifty Spot Levels for the day are
Long above 9647 for 9655 - 9664 - 9688 , SL 9630
Short below 9621 for 9613 - 9604 - 9579 , SL 9638
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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.