Nifty spot opened at 8605.45 and made a low of 8604.45 , went up till 8684.30 before closing at 8672.15 . We had mentioned that long positions can be taken above 8616 and short positions can be taken below 8568 for the day . Nifty triggered our long trade and missed completing our 3rd target by 10 points giving us still 60 points from the long trade. As have been mentioning '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 3 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' . Also as mentioned in the previous post 'Bank Nifty has been underperforming since the last 17 sessions now and without Bank Nifty giving a breakout it will be difficult for Nifty to break and sustain above 8735' . We need to watch whether Nifty is now able to break and sustain above 8735 - 8742 levels to expect further upmove . Also Bank Nifty will need to break and sustain above 19158 -19297 to support further upmove which it has failed to do so till now this series. Incase Nifty breaks but fails to sustain above 8735 - 8742 then once again we can expect lower levels till 8500 to be tested .
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 8699 we can see a initial move upto 8727 & on sustaining above 8735 we may see further upmove till 8784. Similarly if Nifty spot sustains below 8646 we may see a initial move on the downside upto 8618 & on sustaining below 8611 we may see a further downmove till 8560
Nifty Spot Levels for the day are
Long above 8699 for 8715 - 8735 - 8784 , SL 8664
Short below 8646 for 8629 - 8611 - 8560 , SL 8680
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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.