Nifty spot opened at 8542.80 , made a high of 8549.50 , then went down till 8504.85 before closing at 8514 . Had mentioned that long positions can be taken above 8638 and short positions can be taken below 8614 for the day . Nifty opened below our last target for the day on the short side without giving any chance to enter the short trade with the big gap down. As per the weekly levels too Nifty has completed our initial 3 targets and now further correction will get confirmed on breaking below 8497 . 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 which was indicating the lack of strength in the upmove. Nifty has so far held on to its August months lows of 8515 - 8500 levels and taken support . For the coming days 'If Nifty breaks below the supports at 8515 - 8500 levels and tests our next supports of 8480 - 8464 but does not sustain or close below it , then we can again see it move up to to test our initial resistance at 8736 - 8760 and then 8815 - 8836' . Incase Nifty closes or sustains below 8464 then we may see a test of 8442 - 8382 levels on the downside.
For the month of November we can expect uptrend in Nifty spot on a consecutive closing above 8691 and downtrend on a consecutive closing below 8561 .
For today if Nifty spot sustains above 8530 we can see a initial move upto 8540 & on sustaining above 8551 we may see further upmove till 8581. Similarly if Nifty spot sustains below 8498 we may see a initial move on the downside upto 8481 & on sustaining below 8477 we may see a further downmove till 8447
Nifty Spot Levels for the day are
Long above 8530 for 8540 - 8551 - 8581 , SL 8509
Short below 8498 for 8488 - 8477 - 8447 , SL 8519
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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.