NIFTY
Nifty spot opened at 8519.95, made a low of 8517.20 , went up till 8641.15 before closing at 8635.65 . We had mentioned that long positions can be taken above 8555 and short positions can be taken below 8527 for the day . Nifty opened below our short levels and reversed from near our first short target . From there Nifty went on to trigger our long trade and achieved all our targets and more giving us nearly 90 points with TSL . Today Nifty spot not only gave us a close above our resistance levels of 8556 - 8575 but also closed in our next resistance level of 8630 - 8660 . Also as mentioned previously 'Longs are safe till we are closing above 8488 but we now need to break and sustain above 8595 to begin the next upmove and failing to do so will keep adding pressure to go down towards breaking 8488 and testing lower levels till 8400 . Those who are holding positional longs on closing above 8454 spot , should now be cautious if resistances are not broken and if still holding should do so with TSL at 8488 closing basis ' . Now those holding longs should move their TSL to 8555 on closing basis or look to book if 8630 is not sustained tomorrow . As mentioned in the previous post ' As of now breaking and sustaining below 8488 - 8476 we can expect next support coming near 8390 - 8363 levels on Nifty spot and breaking and sustaining above 8575 - 8595 we can expect next resistance near 8630 - 8660 ' . Also as mentioned in the last post 'Those looking to go long on a correction till 8390 should keep a cbsl of 8363 spot and those looking to short near 8650 should do so with a cbsl of 8675 spot '. Today we have also completed 5 targets as per weekly and also closed above our levels to stay long. Now we would need to hold and sustain above 8626 to test the next targets on weekly too.
Trend reversal in Nifty for this series would be consecutive closing below 8122 and trend continuation would be on consecutive close above 8454 spot .
For today if Nifty spot sustains above 8652 we can see a initial move upto 8670 & on sustaining above 8675 we may see further upmove till 8707. Similarly if Nifty spot sustains below 8619 we may see a initial move on the downside upto 8601 & on sustaining below 8597 we may see a further downmove till 8565
Nifty Spot Levels for the day are
Long above 8652 for 8663 - 8675 - 8707 , SL 8630
Short below 8619 for 8609 - 8597 - 8565 , SL 8641
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Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss
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