Nifty spot opened at 8668.30, made a high of 8670.35 , went down till 8631.15 before closing at 8638.50 . We had mentioned that long positions can be taken above 8684 and short positions can be taken below 8648 for the day . Nifty triggered our short trade and completed just 1 targets giving us around 15 points . Nifty has given a second close today within our current resistance zone of 8630 - 8660 and now we would need to break and sustain above 8685 to move up further till 8714 - 8734 spot levels initially and beyond it till 8836 . We may see a correction till 8575 - 8556 levels possibly this week before moving up further. The correciton can get extended till 8488 - 8442 once Nifty sustains below 8542
Trend reversal in Nifty for this series would be consecutive closing below 8542 and trend continuation would be on consecutive close above 8735 spot .
For today if Nifty spot sustains above 8656 we can see a initial move upto 8675 & on sustaining above 8679 we may see further upmove till 8713. Similarly if Nifty spot sustains below 8621 we may see a initial move on the downside upto 8602 & on sustaining below 8598 we may see a further downmove till 8564
Nifty Spot Levels for the day are
Long above 8656 for 8667 - 8679 - 8713 , SL 8633
Short below 8621 for 8610 - 8598 - 8564 , SL 8644
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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.