Nifty spot opened at 10596.20 , it made a high of 10612.90 , it made a low of 10434.05 , before closing at 10452.30
Had mentioned that long positions for the day can be taken above 10590 and short positions can be taken below 10505 . Nifty triggered our long trade at opening but did not complete any target and took our stoploss . Nifty then triggered our short trade and completed 2 short targets for the day . Now in the coming expiry week Nifty has to sustain / close above 10540 to test 10635 - 10660 initially and above it we can see a move till 10740 - 10830 . Similarly Nifty has to sustain / close below 10360 to test 10270 - 10245 initially and below it we can see a move till 10165 - 10075 .
Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain above 10590 to test 10635 - 10645 initially and sustaining above it we can see a further upmove till 10685 - 10725. Similarly breaking and sustaining below 10505 we can see a test of 10455 - 10445 initially and breaking and sustaining below it we can see a further correction till 10410 - 10365 . " , and Nifty initially broke above 10590 but could not sustain and reversed . Nifty then broke below 10505 and made a low of 10434.05 just below our initial 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 10485 to test 10520 - 10530 initially and sustaining above it we can see a further upmove till 10560 - 10595. Similarly breaking and sustaining below 10420 we can see a test of 10385 - 10375 initially and breaking and sustaining below it we can see a further correction till 10345 - 10310 .
Nifty Spot Levels for the day are
Long above 10485 for 10505 - 10530 - 10595 , SL 10440
Short below 10420 for 10400 - 10375 - 10310 , SL 10465
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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.