Nifty spot opened at 10494.40 and made a high of 10494.45 , it made a low of 10437.15 , before closing at 10444.20
Had mentioned that long positions for the day can be taken above 10490 and short positions can be taken below 10435 . Nifty triggered our long trade at opening but did not sustain and did not complete even 1 target and took our SL . Nifty had completed 3 weekly long targets giving 75+ points as per the weekly long levels in the previous session and now it has to break and sustain above 10485 - 10505 for the next weekly targets . Have been mentioning in the previous post that " Nifty has its next resistance near 10455 - 10465 as mentioned in the weekly post and once we get a close above it we can see 10550 - 10650 too . " , and today again we saw Nifty make a high of 10494.45 and close below the immediate resistance zone of 10455 - 10465 . Bank Nifty could not sustain above 25655 - 25755 zone and give a consecutive close above 25655 today .
Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain below 10435 to test 10410 - 10405 initially and sustaining below it we can see a further correction till 10385 - 10360 . Similarly breaking and sustaining above 10490 we can see a test of 10515 - 10520 initially and breaking / sustaining above it we can see a further move till 10545 - 10565 . " , and today Nifty made a high of 10494.45 but could not sustain and made a low of 10437.15 just above our shorting level indicating indecisiveness .
Now in the coming session Nifty needs to break and sustain below 10420 to test 10395 - 10390 initially and sustaining below it we can see a further correction till 10370 - 10345 Similarly breaking and sustaining above 10470 we can see a test of 10490 - 10500 initially and breaking / sustaining above it we can see a further move till 10520 - 10545.
Nifty Spot Levels for the day are
Long above 10470 for 10480 - 10500 - 10545 , SL 10435
Short below 10420 for 10405 - 10390 - 10345 , SL 10455
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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.