Nifty spot opened at 8668.85 and made a high of 8683.05 , went down till 8583.65 before closing at 8592.20 . We had mentioned that long positions can be taken above 8664 and short positions can be taken below 8637 for the day . Nifty initially triggered our long trade and completed 2 targets and then took our TSL . Then Nifty triggered our short trade and completed all 3 targets for the day . Our upper level for expiry was at 8711 & lower level for expiry was at 8589 and Nifty closed nearly at our lower level at 8592.20. Tomorrow would be the 12th session since Nifty made a high of 8728 and we are seeing Bank Nifty now sustain above our level of 19297 in the last 6 sessions. As have been mentioning for the past few days now Nifty should break above 8735 in the coming sessions else even Bank Nifty will not be able to move further and can reverse till 19000. 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' . Today again Nifty broke below 8600 and we saw it take supports near our immediate support levels of 8556 - 8575 and reverse . Now we need to watch whether Nifty is able to break and sustain above 8735 - 8742 levels to expect further upmove . This month Nifty needs to break above 8735 levels and sustain to test 8800 - 8830 levels .
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 8608 we can see a initial move upto 8624 & on sustaining above 8629 we may see further upmove till 8658. Similarly if Nifty spot sustains below 8577 we may see a initial move on the downside upto 8560 & on sustaining below 8556 we may see a further downmove till 8526
Nifty Spot Levels for the day are
Long above 8608 for 8617 - 8629 - 8658 , SL 8587
Short below 8577 for 8567 - 8556 - 8526 , SL 8597
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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.