Nifty spot opened at 8712.85 made a high of 8723.50 , went down till 8697.60 before closing at 8711.35 . We had mentioned that long positions can be taken above 8705 and short positions can be taken below 8661 for the day . Nifty triggered our long trade and completed only 1 target . We had been mentioning that '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' and today we have a got our consecutive close above it. We have the next resistance near 8714 - 8734 and once we close above it then we can expect a test of 8835. We have immediate supports at 8556 - 8575 levels and if Nifty breaks and sustains below 8542 then the next support is now near 8515 - 8500 . In the past 2 weeks Nifty has taken support near 8518 levels and bounced back so for now one should watch the breaking of support near 8515 - 8500 levels for a confirmation of further downmove . We were expecting a test of 8714 - 8734 this week as per the weekly close and that is done today .Now we need to see if Nifty spot can break and sustain above 8735 to confirm further upmove. Bank Nifty has been underperforming since the last 15 sessions now and without it giving a breakout it will be difficult for Nifty to sustain above 8735 .
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 8734 we can see a initial move upto 8755 & on sustaining above 8761 we may see further upmove till 8801. Similarly if Nifty spot sustains below 8690 we may see a initial move on the downside upto 8668 & on sustaining below 8662 we may see a further downmove till 8623
Nifty Spot Levels for the day are
Long above 8734 for 8746 - 8761 - 8801 , SL 8705
Short below 8690 for 8677 - 8662 - 8622 , SL 8718
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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.