Nifty spot opened at 10526.55 , it made a low of 10520.20 , it made a high of 10592.95, before closing at 10582.60
Had mentioned that long positions for the day can be taken above 10515 and short positions can be taken below 10465 . Nifty triggered our long trade and completed all long targets for the day giving 70 points . 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 . " , and we can see Nifty test its initial resistance zone of 10625 - 10645 now and incase of closing above it we can expect a move towards the next targets . Those who have entered longs or looking to enter on dips should keep a cbsl of 10425 .
Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain above 10515 to test 10545 - 10550 initially and sustaining above it we can see a further upmove till 10575 - 10595. 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. " , and Nifty made a high of 10592.95 above our next resistance zone and also closed above it .
For the month of March , longs will get confirmed with a consecutive close above 10520 for a initial target of 10655 - 10695 and sustaining / closing above it we can see a further test of 10815 - 10950 . Similarly , shorts will get confirmed with a consecutive close below 10250 for a initial target of 10110 - 10075 and sustaining / closing below it we can see a further test of 9950 - 9820 .
Now in the coming session Nifty needs to break and sustain above 10610 to test 10635 - 10645 initially and sustaining above it we can see a further upmove till 10665 - 10690. Similarly breaking and sustaining below 10555 we can see a test of 10530 - 10525 initially and breaking and sustaining below it we can see a further correction till 10500 - 10475 .
Nifty Spot Levels for the day are
Long above 10610 for 10625 - 10645 - 10690 , SL 10575
Short below 10555 for 10540 - 10525 - 10475 , SL 10590
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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.