Nifty spot opened at 10604.30 , it made a low of 10586.80 , it made a high of 10702.75 , before closing at 10666.55 .
Had mentioned that long positions for the day can be taken above 10800 and short positions can be taken below 10725 . Nifty triggered our short trade by opening near our last target for the day and did not give a entry. Nifty confirmed our weekly short trade and completed our initial 3 short targets . Now for a further correction this week Nifty has to break and sustain below 10550 - 10525 zone , else this zone can provide support from where we can see a small bounce .
Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain above 10800 to test 10840 - 10850 initially and sustaining above it we can see a further upmove till 10885 - 10925 . Similarly breaking and sustaining below 10720 we can see a test of 10680 - 10670 initially and breaking and sustaining below it we can see a further correction till 10635 - 10600 . " , and Nifty made a low of 10586.80 below our next support zone .
For the month of February Nifty has triggered our monthly shorts for a initial target of 10775 - 10745 and breaking and sustaining below it we can see a further test of 10635 - 10515 . Monthly longs will get confirmed with a consecutive close above 11150 for a initial target of 11280 - 11310 and breaking and sustaining above it we can see a further test of 11420 - 11540 .
Now in the coming session Nifty needs to break and sustain above 10705 to test 10745 - 10755 initially and sustaining above it we can see a further upmove till 10785 - 10825. Similarly breaking and sustaining below 10630 we can see a test of 10590 - 10580 initially and breaking and sustaining below it we can see a further correction till 10545 - 10510.
Nifty Spot Levels for the day are
Long above 10705 for 10725 - 10755 - 10825 , SL 10655
Short below 10630 for 10605 - 10580 - 10510 , SL 10680
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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.