Nifty spot opened at 8519.65, made a low of 8489.80 , went up till 8548.95 before closing at 8541.20 . We had mentioned that long positions can be taken above 8532 and short positions can be taken below 8488 for the day . Nifty gave a dip after opening but reversed from 2 points before our short trigger and then went up to trigger our long trade and completed just 1 target giving 15 points from the trade . Till now this month Nifty spot has not been able to give us a single close above our resistance level of 8556 - 8575 and everytime it goes above or comes near it we have seen selling pressure take it down . Also as mentioned previously 'Longs are safe till we are closing above 8488 but we now need to break and sustain above 8595 to begin the next upmove and failing to do so will keep adding pressure to go down towards breaking 8488 and testing lower levels till 8400 . Those who are holding positional longs on closing above 8454 spot , should now be cautious if resistances are not broken and if still holding should do so with TSL at 8488 closing basis ' . As of now breaking and sustaining below 8488 - 8476 we can expect next support coming near 8390 - 8363 levels on Nifty spot and breaking and sustaining above 8575 - 8595 we can expect next resistance near 8630 - 8660 . Those looking to go long on a correction till 8390 should keep a cbsl of 8363 spot and those looking to short near 8650 should do so with a cbsl of 8675 spot .
Trend reversal in Nifty for this series would be consecutive closing below 8122 and trend continuation would be on consecutive close above 8454 spot .
For today if Nifty spot sustains above 8555 we can see a initial move upto 8570 & on sustaining above 8573 we may see further upmove till 8600. Similarly if Nifty spot sustains below 8527 we may see a initial move on the downside upto 8513 & on sustaining below 8509 we may see a further downmove till 8483
Nifty Spot Levels for the day are
Long above 8555 for 8564 - 8573 - 8600 , SL 8537
Short below 8527 for 8519 - 8509 - 8483 , SL 8545
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Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss