Nifty spot opened at 10473.95 which was also the high for the day , it made a low of 10426.90 , before closing at 10440.30
Had mentioned that long positions for the day can be taken above 10470 and short positions can be taken below 10420 . Nifty triggered our long trade at opening but did not sustain and did not complete even 1 target and took our SL for the 2nd day . 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 10473.95 and close below the immediate resistance zone of 10455 - 10465 . Bank Nifty has also not been able to sustain above 25655 - 25755 zone or give a consecutive close above 25655 . The past few sessions we have been trading in a tight range of 10405 - 10495 and we should see this range broken on either side for the next move .
Had mentioned in the previous post " 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 . " , and today Nifty made a high of 10473.95 but could not sustain and made a low of 10426.90 just above our shorting level indicating indecisiveness for the second consecutive day.
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 - 10350 Similarly breaking and sustaining above 10465 we can see a test of 10485 - 10490 initially and breaking / sustaining above it we can see a further move till 10510 - 10530
Nifty Spot Levels for the day are
Long above 10465 for 10475 - 10490 - 10530 , SL 10435
Short below 10420 for 10405 - 10390 - 10350 , SL 10450
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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.