Nifty spot opened at 10416.50 , it made a low of 10398.20 , it made a high of 10480.20 , before closing at 10454.95
Had mentioned that long positions for the day can be taken above 10615 and short positions can be taken below 10540 . Nifty opened with a gap down and did not give a chance to enter short trade for the day . Now this week Nifty has to sustain / close above 10550 to test 10650 - 10675 initially and above it till 10765 - 10860 next . For a further downmove this week Nifty has to sustain / close below 10360 to test 10260 - 10235 initially and below it till 10145 - 10050 next .
Had mentioned in the previous post " 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 . " , and Nifty made a low of 10398.20 below our next support 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 10490 to test 10530 - 10540 initially and sustaining above it we can see a further upmove till 10570 - 10610. Similarly breaking and sustaining below 10420 we can see a test of 10380 - 10370 initially and breaking and sustaining below it we can see a further correction till 10340 - 10300.
Nifty Spot Levels for the day are
Long above 10490 for 10515 - 10540 - 10610 , SL 10445
Short below 10420 for 10395 - 10370 - 10300 , SL 10465
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