Nifty spot opened at 10361.05 and made a low of 10340.20 , it made a high of 10407.15, before closing at 10399.55.
Had mentioned that long positions for the day can be taken above 10410 and short positions can be taken below 10370 . Nifty triggered our short trade and completed 2 targets . Nifty took support just above our weekly short confirmation level of 10340 and reversed to close near 10400 . Had mentioned in the previous post " Nifty gave a close above 10355 and one should keep a cbsl now of 10340 for long positions taken " , and we saw reverse holding our cbsl for longs .
Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain below 10370 to test 10350 - 10345 initially and sustaining below it we can see a further correction till 10330 - 10310 . Similarly breaking and sustaining above 10410 we can see a test of 10430 - 10435 initially and breaking / sustaining above it we can see a further move till 10450 - 10465 " , and today Nifty made a low of 10340.20 just below our initial support levels for the day .
Now in the coming session Nifty needs to break and sustain below 10380 to test 10365 - 10360 initially and sustaining below it we can see a further correction till 10345- 10330. Similarly breaking and sustaining above 10415 we can see a test of 10435 - 10440 initially and breaking / sustaining above it we can a further move till 10455 - 10470 . Sustaining / closing above 10440 will confirm weekly longs too and may see a retest of the highs .
Nifty Spot Levels for the day are
Long above 10415 for 10425 - 10440 - 10470 , SL 10394
Short below 10380 for 10370 - 10360 - 10330 , SL 10405
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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.