Nifty spot opened at 10488.95 , it made a low of 10461.55 , it made a high of 10535.50 , before closing at 10492.85
Had mentioned that long positions for the day can be taken above 10580 and short positions can be taken below 10530 . Nifty triggered our short trade and nearly completed all short targets for the day . As mentioned in the previous post "Last week Nifty had failed to give a close below 10360 for the correction to continue further and we saw Nifty recover to close near 10500 . Now in this week Nifty has to sustain / close above 10535 to test 10625 - 10645 initially and above it we can see a move till 10705 - 10770 . Similarly Nifty has to sustain / close below 10450 to test 10355 - 10335 initially and below it we can see a move till 10275 - 10210 . Those who are looking to enter on dips should keep a cbsl of 10425 " , and today we saw Nifty trade between our long and short trigger levels of 10450 - 10535 . Those who would have taken a long trade with cbsl of 10425 in the dip would have got some points in the upmove that came .
Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain above 10580 to test 10605 - 10615 initially and sustaining above it we can see a further upmove till 10635 - 10660. Similarly breaking and sustaining below 10530 we can see a test of 10505 - 10495 initially and breaking and sustaining below it we can see a further correction till 10475 - 10445. " , and Nifty made a low of 10461.55 within our next support zone and reversed to make the day high .
As per the calendar month end for February today ,Now for the month of March ,Nifty longs will get confirmed with a consecutive close above 10635 for a initial target of 10780 - 10820 and sustaining / closing above it we can see a further test of 10950 - 11090 . Similarly , shorts will get confirmed with a consecutive close below 10350 for a initial target of 10205 - 10165 and sustaining / closing below it we can see a further test of 10040 - 9900 .
Now in the coming session Nifty needs to break and sustain above 10520 to test 10545 - 10555 initially and sustaining above it we can see a further upmove till 10575 - 10600. Similarly breaking and sustaining below 10465 we can see a test of 10440 - 10435 initially and breaking and sustaining below it we can see a further correction till 10410 - 10385 .
Nifty Spot Levels for the day are
Long above 10520 for 10535 - 10555 - 10600 , SL 10485
Short below 10465 for 10450 - 10435 - 10385 , SL 10500
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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.