Nifty spot opened at 8639.80 and made a high of 8667.10 , went down till 8603.60 before closing at 8624.05 . We had mentioned that long positions can be taken above 8669 and short positions can be taken below 8616 for the day . Nifty triggered our short trade but did not complete any target and took our SL . In the morning Nifty had missed triggering longs by 2 points. So overall we had a tight trading range with indecisiveness in direction. 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 19 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. Today again Bank Nifty made an attempt to breakout but got sold into near 19138 . Looking at the tight trading range today along with indecisiveness in direction we can expect to see a big move come in the next 2 trading sessions .
Incase Nifty breaks but fails to sustain above 8735 - 8742 then once again we can expect lower levels till 8500 to be tested . Breaking and sustaining below 8500 can see a test of 8375 levels on the Nifty . Closing or sustaining above 8735 - 8742 spot levels we can expect a target of 8835 and more .
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 8649 we can see a initial move upto 8675 & on sustaining above 8681 we may see further upmove till 8728. Similarly if Nifty spot sustains below 8600 we may see a initial move on the downside upto 8574 & on sustaining below 8567 we may see a further downmove till 8520
Nifty Spot Levels for the day are
Long above 8649 for 8664 - 8681 - 8728 , SL 8616
Short below 8600 for 8584 - 8567 - 8520 , SL 8632
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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.