Nifty spot opened at 8694.30 and made a high of 8696.60 , went down till 8647.10 before closing at 8666.90 . We had mentioned that long positions can be taken above 8698 and short positions can be taken below 8648 for the day . Nifty just tested out short trigger level but failed to sustain below it by even 1 point and traded the whole day between our long and short trigger levels of 8648 - 8698 . Now it is 8 sessions since Nifty made a high of 8728 and in the last 2 sessions we have finally seen Bank Nifty breakout above our resistance levels and sustain . 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' . Now we need to watch whether Nifty is able to break and sustain above 8735 - 8742 levels to expect further upmove . This week Nifty needs to break above 8735 levels and sustain to test 8800 - 8830 levels . Breaking below 8600 levels we can see a retest of 8510 levels on the Nifty .
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 8686 we can see a initial move upto 8707 & on sustaining above 8712 we may see further upmove till 8749. Similarly if Nifty spot sustains below 8648 we may see a initial move on the downside upto 8627 & on sustaining below 8622 we may see a further downmove till 8585
Nifty Spot Levels for the day are
Long above 8686 for 8698 - 8712 - 8749 , SL 8661
Short below 8648 for 8636 - 8622 - 8585 , SL 8673
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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.