Nifty spot opened at 10652.05 , made a high of 10655.50, it made a low of 10592.70, before closing at 10632.20
Had mentioned that long positions for the day can be taken above 10655 and short positions can be taken below 10620 . Nifty touched our long trigger level and triggered our short trade and completed 2 short target for the day .
Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain below 10620 to test 10600 - 10595 initially and sustaining below it we can see a further correction till 10575 - 10560 . Similarly breaking and sustaining above 10655 we can see a test of 10675 - 10680 initially and breaking / sustaining above it we can see a further move till 10695 - 10715 . " , and Nifty made a low of 10592.70 just below our initial support zone .
As mentioned in the previous post " Nifty has now given a consecutive close above 10615 and confirmed monthly longs for a initial test of 10700 - 10720 . Though Nifty has given a consecutive close its also important for Bank Nifty to sustain and give a close above its monthly long levels else Nifty might not be able to sustain above the confirmation levels just like it was not able to sustain below its short levels . So in the coming sessions we need Bank Nifty to sustain above 25760 levels for the next move upwards ." , and we saw today Bank Nifty initially drag Nifty lower as it failed to break and sustain above 25760 levels .
Now in the coming session Nifty needs to break and sustain below 10615 to test 10595 - 10590 initially and sustaining below it we can see a further correction till 10575 - 10555. Similarly breaking and sustaining above 10650 we can see a test of 10670 - 10675 initially and breaking / sustaining above it we can see a further move till 10690 - 10710 . We have 2 big results of TCS and Indusind Bank which will have its own impact on Nifty and Bank Nifty tomorrow and we can expect a volatile session.
Nifty Spot Levels for the day are
Long above 10650 for 10660 - 10675 - 10710 , SL 10625
Short below 10615 for 10605 - 10590 - 10555 , SL 10640
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