Nifty spot opened at 8599.95 made a high of 8601.40 , went down till 8518.15 before closing at 8551.10 . We had mentioned that long positions can be taken above 8564 and short positions can be taken below 8526 for the day . Nifty triggered our long trade and opened above our 2nd target thereby giving no chance to trade long . Later on Nifty triggered our short trade but could not complete even 1 target . Nifty has been breaking above the immediate resistance of 8630 - 8660 regularly but has not been able to get a consecutive close above it so far . We have the next resistance near 8714 - 8734 and beyond it we can expect a test of 8836. We have immediate supports at 8556 - 8575 levels and if Nifty breaks and sustains below 8542 then we can test 8448 - 8442 levels too . Today we broke below 8542 for the second day but managed to close again above it . Holding 8542 we can see Nifty go back and test 8630 - 8660 resistance again . We have our weekly close and it would be important to see whether we can get a close below 8542 tomorrow or above 8630 spot. Also as per our weekly levels we have completed our initial 3 targets and now for further correction we needed a confirmation with close below 8530 spot.
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 8570 we can see a initial move upto 8589 & on sustaining above 8594 we may see further upmove till 8629. Similarly if Nifty spot sustains below 8533 we may see a initial move on the downside upto 8513 & on sustaining below 8508 we may see a further downmove till 8473
Nifty Spot Levels for the day are
Long above 8570 for 8581 - 8594 - 8629 , SL 8545
Short below 8533 for 8521 - 8508 - 8473 , SL 8557
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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.