Nifty spot opened at 8196.15 and made a low of 8155.80 , went up till 8228.85 before closing at 8221.80 . Had mentioned that long positions can be taken on sustaining above 8200 and short positions can be taken on sustaining below 8140 for the day. Nifty triggered our long trade and completed just 1 target . 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. So far Nifty is taking support near 8150 - 8115 levels . 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 . Currently Nifty is trading in the range of 8050 - 8300 since the past 12 sessions and a decisive break of this range is required for a clear direction.
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 8250 we can see a initial move on the upside upto 8280 & on sustaining above 8290 we may see further upmove till 8340. Similarly if Nifty spot sustains below 8195 we may see a initial move on the downside upto 8165 & on sustaining below 8155 we may see a further downmove till 8105
Nifty Spot Levels for the day are
Long above 8250 for 8265 - 8290 - 8340 , SL 8210
Short below 8195 for 8175 - 8155 - 8105 , SL 8230
If you want to see the post in your Inbox , kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate box at the bottom of the post.
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.