Nifty spot opened at 10518.50 , it made a low of 10479.55 , it made a high of 10637.80 , before closing at 10576.85
Had mentioned that long positions for the day can be taken above 10510 and short positions can be taken below 10445 . Nifty triggered our long trade and completed all long targets for the day . Nifty had confirmed our weekly short trade and has already completed all our short targets . Had mentioned in the previous posts " Now for a further correction this week Nifty has to break and sustain below 10550 - 10525 zone , else this zone can provide support from where we can see a small bounce .Nifty has today closed below this zone and it would need to sustain above it for any small recovery else we may see a test of 10435 - 10330 again. " , and today once Nifty sustained above the support zone we saw a small bounce of nearly 100 points .
Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain above 10510 to test 10545 - 10555 initially and sustaining above it we can see a further upmove till 10585 - 10615. Similarly breaking and sustaining below 10445 we can see a test of 10410 - 10400 initially and breaking and sustaining below it we can see a further correction till 10370 - 10335 . " , and Nifty made a high of 10637.80 above our next resistance zone .
For the month of February Nifty has triggered our monthly shorts for a initial target of 10775 - 10745 and breaking and sustaining below it we can see a further test of 10635 - 10515 . Monthly longs will get confirmed with a consecutive close above 11150 for a initial target of 11280 - 11310 and breaking and sustaining above it we can see a further test of 11420 - 11540 . Sustaining below 10515 Nifty can see a retest of 10435 - 10330 zone . For a slightly bigger correction Nifty needs to give a close below 10390 for a test of 10240 - 10200 initially .
Now in the coming session Nifty needs to break and sustain above 10615 to test 10655 - 10665 initially and sustaining above it we can see a further upmove till 10705 - 10740. Similarly breaking and sustaining below 10540 we can see a test of 10495 - 10485 initially and breaking and sustaining below it we can see a further correction till 10450 - 10415.
Nifty Spot Levels for the day are
Long above 10615 for 10640 - 10665 - 10740 , SL 10565
Short below 10540 for 10515 - 10485 - 10415 , SL 10590
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