Nifty spot opened at 10531.05 , made a high of 10552.40 , it made a low of 10469.25 , before closing at 10490.75
Had mentioned that long positions for the day can be taken above 10550 and short positions can be taken below 10515 . Nifty triggered our long trade but did not sustain and took our stoploss for the day . Nifty the triggered our short trade and nearly completed all short targets for the day . Nifty had triggered our weekly longs at close in the previous session but today failed to sustain above our confirmation levels to stay long . Had mentioned in the previous post " Now that Nifty has closed comfortably above 10455 - 10465 we can see a move till 10550 - 10650 too . For the coming week Nifty has to break and sustain / close above 10550 where it has its next immediate resistance. " , and today Nifty made a high of 10552.40 completing the first target of 10550 . Bank Nifty today again could not sustain above 25655 - 25755 zone and once again failed to give a consecutive close above 25655 . Bank Nifty now needs to sustain above 25820 for further upmove .
Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain below 10515 to test 10500 - 10495 initially and sustaining below it we can see a further correction till 10480 - 10460 . Similarly breaking and sustaining above 10550 we can see a test of 10565 - 10570 initially and breaking / sustaining above it we can see a further move till 10585 - 10600 . " , and today Nifty made a low of 10469.25 within our next support zone after being unable to sustain above 10550 .
Now in the coming session Nifty needs to break and sustain below 10475 to test 10460 - 10455 initially and sustaining below it we can see a further correction till 10440 - 10425. Similarly breaking and sustaining above 10510 we can see a test of 10525 - 10530 initially and breaking / sustaining above it we can see a further move till 10540 - 10560
Nifty Spot Levels for the day are
Long above 10510 for 10520 - 10530 - 10560 , SL 10485
Short below 10475 for 10465 - 10455 - 10425 , SL 10495
Expected expiry levels are as follows
Upper Range - 10559
Lower Range - 10422
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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.