Nifty spot opened at 8230.65 which was also the high , went down till 8154.45 before closing at 8170.80 . Had mentioned that long positions can be taken on sustaining above 8290 and short positions can be taken on sustaining below 8235 for the day. Nifty triggered our short trade at opening and nearly completed all targets missing the last target by 5 points . Had mentioned in the previous post ' Those who are holding longs should now trail their cbsl to 8192 from 8162 mentioned in the previous post ' which has been taken . Till Nifty does not give a consecutive close above 8398 this month we can expect this upmove to get sold into .The down move can continue further now incase IF we get a consecutive close below 7895. Had mentioned 'For this week if Nifty confirms our weekly longs by sustaining / closing above 8335 we can expect Nifty to face resistance near 8375 - 8405 levels initially .Closing above 8425 we can expect a move till 8505 - 8560 levels. If Nifty confirms our weekly shorts by sustaining / closing below 8190 we can expect Nifty to get some support near 8150 - 8115 levels initially. Closing below 8099 we can expect a move till 8035 - 7965 again. IF we get a consecutive close below 8051 this month then we can expect the downmove to continue . Till Nifty does not give a consecutive close below 7895 we can expect the downmoves to be bought into .
For the month of December we can expect uptrend in Nifty spot on a consecutive closing above 8398 and downtrend on a consecutive closing below 8051 .
For today if Nifty spot sustains above 8200 we can see a initial move on the upside upto 8230 & on sustaining above 8240 we may see further upmove till 8295. Similarly if Nifty spot sustains below 8140 we may see a initial move on the downside upto 8110 & on sustaining below 8100 we may see a further downmove till 8050
Nifty Spot Levels for the day are
Long above 8200 for 8220 - 8240 - 8295 , SL 8160
Short below 8140 for 8125 - 8100 - 8050 , SL 8180
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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.