Nifty spot opened at 8168.40 , made a high of 8190.45 , went down till 8077.50 before closing at 8102.05 . Had mentioned that long positions can be taken above 8171 and short positions can be taken below 8115 for the day. Nifty triggered our long trade and completed just 1 target today . Once the RBI policy's no rate cut news came Nifty took our TSL on the long trade and also triggered our short trade and completed 2 targets within no time as a majority were expecting a 0.25 to 0.50 basis point rate cut today . Today Nifty broke and also sustained for a while above our weekly long confirmation levels intraday till the RBI policy news was announced but inspite of the no rate cut news , it falied to test our weekly short levels . Once Nifty confirms our weekly longs on closing then one can keep a cbsl of 8110 for their long positions. Nifty has so far held on to our cbsl of 7895 and if it continues to do so then we expect a retest of upto 8360 levels . As mentioned previously 'Those who are holding positional longs from near 8000 levels or those who are looking to enter on a correction this week should keep a strict CBSL of 7895 spot for their positions' . This down move can continue further now incase IF we get a consecutive close below 7895 . For this week if Nifty triggers our weekly longs by sustaining / closing above 8162 we can expect Nifty to face resistance near 8242 - 8262 levels initially .Closing above 8262 we can expect a move till 8330 - 8368 levels. If Nifty triggers our weekly shorts by sustaining / closing below 8012 we can expect Nifty to get some support near 7965 - 7932 levels initially. We have broken above 8162 on 2 consecutive days now but have failed to get a close above it .
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 8129 we can see a initial move on the upside upto 8157 & on sustaining above 8164 we may see further upmove till 8214. Similarly if Nifty spot sustains below 8076 we may see a initial move on the downside upto 8048 & on sustaining below 8041 we may see a further downmove till 7990
Nifty Spot Levels for the day are
Long above 8129 for 8145 - 8164 - 8214 , SL 8094
Short below 8076 for 8059 - 8041 - 7990 , SL 8110
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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.