Nifty spot opened at 10615.20 , it made a high of 10631.65 , it made a low of 10537.25, before closing at 10554.30
Had mentioned that long positions for the day can be taken above 10610 and short positions can be taken below 10555 . Nifty initially triggered our long trade and completed just 1 target and took our TSL . Nifty then triggered our short trade and completed just 1 target and again took our TSL . 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 today we saw Nifty test its initial resistance zone of 10625 - 10645 and reverse till near our long trigger of 10535 . Those who are 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 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. " , and Nifty made a high of 10631.65 just below our initial resistance zone and reversed to make a low of 10537.20 just above our initial support zone . Nifty traded range bound the entire session and we should see a bigger move in the coming sessions .
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 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 .
Nifty Spot Levels for the day are
Long above 10580 for 10595 - 10615 - 10660 , SL 10545
Short below 10530 for 10515- 10495 - 10445 , SL 10565
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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.