Nifty spot opened at 10304.35 and made a low of 10254.10 , it made a high of 10344.95 , before closing at 10321.75 .
Had mentioned that long positions for the day can be taken above 10330 and short positions can be taken below 10285. Nifty initially triggered our short trade and completed our 2nd target for the day and then took our TSL . It then triggered our long trade and completed just 1 target for the day. Nifty had also triggered our weekly short trade in the previous session and completed all our weekly targets giving around 155 points from the weekly short trade . Had mentioned in the previous posts that " Nifty has good support near 10315 - 10305 levels and for a further correction it would need to sustain / close below it and on sustaining below it we can see a test of 10260 - 10240 . Those who are looking to go long on further correction should keep a strict cbsl of 10240 spot ." , and today Nifty made a low of 10254.10 . Nifty gave a good opportunity to enter longs with a small stoploss of 20 points and those who have taken long positions should now keep a strict cbsl of 10240 as holding the same we see a move initially till 10355 - 10375 and above it till 10400 - 10430 . Closing below 10240 we can see the downmove extend further .
Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain below 10285 to test 10265 - 10260 initially and sustaining below it we can see a further correction till 10240 - 10220 . Similarly breaking and sustaining above 10330 we can see a test of 10350 - 10355 initially and breaking and sustaining above it we can see a further move till 10375 - 10395 " , and today Nifty made a low of 10254.10 just below our initial support zone and reversed and made a high of 10344.95 near our initial resistance zone .
Now in the coming session Nifty needs to break and sustain below 10300 to test 10280 - 10275 initially and sustaining below it we can see a further correction till 10255 - 10235. Similarly breaking and sustaining above 10345 we can see a test of 10365 - 10370 initially and sustaining above it we can a further move till 10390 - 10410 .
Nifty Spot Levels for the day are
Long above 10345 for 10355 - 10370 - 10410 , SL 10315
Short below 10300 for 10290 - 10275 - 10235 , SL 10330
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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.