Nifty spot opened at 9520.05 , made a high of 9522.50 and then made a low of 9474.35 before closing at 9491.25
Had mentioned that long positions for the day can be taken above 9526 and short positions for the day can be taken below 9499 . Nifty triggered our short trade at opening and completed 2 targets for the day .
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 " . Now Nifty needs to break and sustain above 9560 to test the resistance zone of 9650 - 9670 again initially . Had mentioned in the previous post "Once Nifty breaks and sustains below 9560 we can expect a further correction towards the next support levels at 9500 - 9480 " and we saw Nifty today again make a low of 9474.35 on sustaining below 9560. Now on sustaining further below 9480 we can expect a test of 9430 - 9415 next with small support at 9460 . Holding 9460 - 9480 zone we can see Nifty make move back till 9540 - 9560 levels again initially .
For today if Nifty spot sustains above 9505 we can see a initial move on the upside till 9520 & on sustaining above 9524 we may see further move till 9551 . Similarly if Nifty spot sustains below 9477 we may see a initial move on the downside till 9462 & on sustaining below 9458 we may see a further move till 9431
Nifty Spot Levels for the day are
Long above 9505 for 9514 - 9524 - 9551 , SL 9487
Short below 9477 for 9468 - 9458 - 9431 , SL 9496
For June Expiry the expected range is :
Upper End - 9551
Lower End - 9432
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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.