Nifty spot on Friday opened at 8625 , made a high of 8653.75 , then went down till 8581.75 before closing at 8638 . Had mentioned that long positions can be taken above 8640 and short positions can be taken below 8590 for the day . Nifty triggered our long trade and did not complete any target and took our SL , then triggered our short trade today and again did not complete any target indicating indecisiveness in direction . Had mentioned in the previous post for October that 'Now Nifty spot has immediate resistance near 8735 - 8755 zone which should be watched as closing above 8755 will be crucial for further upmove' and we saw that Nifty was unable to break above this zone after breaking above 8700 for 4 sessions and again we saw Nifty test 8550 levels. Nifty has so far held on to its August months lows of 8515 - 8500 levels and taken support . Had mentioned in October that 'If Nifty breaks below 8552 - 8522 supports and tests our next supports of 8480 - 8464 and does not sustain or close below it , then we can again see it move up to to test our resistance at 8673 - 8716 initially and above it till 8772 - 8813' and Nifty made a high of 8737 and took resistance post the correction . Incase Nifty closes below 8464 then we may see a test of 8442 - 8382 levels on the downside . IF Nifty breaks above 8755 then the next resistance is near 8772 - 8812 spot now .
For the month of November we can expect uptrend in Nifty spot on a consecutive closing above 8691 and downtrend to continue on a consecutive closing below 8561 .
For today if Nifty spot sustains above 8638 we can see a initial move upto 8650 & on sustaining above 8653 we may see further upmove till 8676. Similarly if Nifty spot sustains below 8614 we may see a initial move on the downside upto 8601 & on sustaining below 8598 we may see a further downmove till 8576
Nifty Spot Levels for the day are
Long above 8638 for 8645 - 8653 - 8676 , SL 8622
Short below 8614 for 8607 - 8598 - 8576 , SL 8629
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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.