Nifty spot opened at 8599.40, made a high of 8665 , went down till 8572.05 before closing at 8615.80 . We had mentioned that long positions can be taken above 8609 and short positions can be taken below 8573 for the day . Nifty triggered our long trade and nearly completed 3 targets giving us around 50 points . From there we fell all the way down to our shorting levels of 8573 and again recovered towards the end of session . Had mentioned in yesterday's post 'Today Nifty spot closed below 8595 but it is still above our previous resistance levels of 8556 - 8575 for this month which will now act as a support. Those holding longs should now move keep a TSL of 8554 . Nifty is now seeing selling pressure near our next resistance levels of 8630 - 8660 spot . Had also mentioned in the previous posts '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 ' . If anyone would have taken a short trade near 8660 with 8675 as SL would have made taken 70 points on the short trade when we reached our shorting levels . Also if anyone would have taken a long trade when our short got triggered and immediately reversed with seconds with SL at 8554 would have got an additional 40 points today . It was a good day for swing trades . As mentioned in the previous post ' 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 ' . Had mentioned in the previous post 'Now those holding longs should move their TSL to 8555 on closing basis or look to book if 8630 is not sustained tomorrow' . Those who would have taken a short trade with this view near 8650 would gained more points .We may see a correction from 8630 - 8660 levels upto 8500 - 8480 incase 8564 spot if now broken and sustained tomorrow . Now if we get a consecutive close above 8675 then we may move towards 8824 in the coming month.
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 8633 we can see a initial move upto 8652 & on sustaining above 8657 we may see further upmove till 8690. Similarly if Nifty spot sustains below 8598 we may see a initial move on the downside upto 8580 & on sustaining below 8575 we may see a further downmove till 8542
Nifty Spot Levels for the day are
Long above 8633 for 8644 - 8657 - 8690 , SL 8610
Short below 8598 for 8587 - 8575 - 8542 , SL 8621
We are on the last day of July series and the expected expiry range is
Upper Range - 8685
Lower Range - 8546
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Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss