Nifty spot opened at 10263.10 and made a low of 10074.80 , it made a high of 10443.55 , before closing at 10388.75
Had mentioned that long positions for the day can be taken above 10365 and short positions can be taken below 10305 . Nifty opened gap down below our 2nd short target for the day and also confirmed our weekly short trade and completed 5 weekly short targets giving around 150+ points from the short trade . The initial fall was due to the assumptions that BJP will lose the elections in Gujrat which was proved very well to be a false alarm . Nifty then our TSL for weekly shorts and confirmed our long trade and nearly completed all our daily long targets . Had mentioned in the previous post that " Nifty needs to give a consecutive close above 10330 on Monday and Bank Nifty should give a close above 25655 to support . Nifty has its next resistance near 10455 - 10465 as mentioned in the weekly post and once we get a close above it we can see 10550 - 10650 too . " , and today we saw Nifty make a high of 10443.55 below the immediate resistance zone . Bank Nifty did not give a close above 25655 today and it has to sustain above 25655 - 25755 zone in the coming session for Nifty also to sustain above 10455 - 10465 and make a move towards the next targets of 10550 - 10650.
Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain below 10305 to test 10275 - 10270 initially and sustaining below it we can see a further correction till 10240 - 10215 . Similarly breaking and sustaining above 10365 we can see a test of 10390 - 10400 initially and breaking / sustaining above it we can see a further move till 10425 - 10455 . " , and today Nifty made a low of 10074.80 in the initial panic correction and recovered to make a high of 10443.55 within our next resistance zone .
Now in the coming session Nifty needs to break and sustain below 10360 to test 10330 - 10325 initially and sustaining below it we can see a further correction till 10300 - 10270. Similarly breaking and sustaining above 10420 we can see a test of 10450 - 10455 initially and breaking / sustaining above it we can see a further move till 10480 - 10510 .
Nifty Spot Levels for the day are
Long above 10420 for 10435 - 10455 - 10510 , SL 10380
Short below 10360 for 10345 - 10325 - 10270 , SL 10400
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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.