Nifty spot opened at 10295.15 , it made a low of 10276.30 , it made a high of 10594.15 , before closing at 10498.25 .
Had mentioned that long positions for the day can be taken above 10705 and short positions can be taken below 10630 . Nifty opened with a big gap down following world markets and no one got a chance to enter fresh longs .Nifty had confirmed our weekly short trade and today completed all our 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 . Nifty has closed just below this zone today and it would need to sustain above it for any small recovery else we may see a test of 10435 - 10330 again .
Had mentioned in the previous post " 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 . " , and Nifty opened with a big gap down following global cues and made a low of 10276.30 .
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 . Sustaining below 10515 Nifty can see a retest of 10435 - 10330 zone . For a slightly bigger correction Nifty needs to give a close below 10390 for a test of 10240 - 10200 initially .
Now in the coming session Nifty needs to break and sustain above 10535 to test 10570 - 10580 initially and sustaining above it we can see a further upmove till 10610 - 10640. Similarly breaking and sustaining below 10465 we can see a test of 10430 - 10420 initially and breaking and sustaining below it we can see a further correction till 10390 - 10360.
Nifty Spot Levels for the day are
Long above 10535 for 10555 - 10580 - 10640 , SL 10490
Short below 10465 for 10445 - 10420 - 10360 , SL 10510
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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.