Nifty spot opened at 8633.75, made a high of 8644.90 , went down till 8577.15 before closing at 8590.65 . We had mentioned that long positions can be taken above 8652 and short positions can be taken below 8619 for the day . Nifty triggered our short trade and completed 2 targets giving us around 40 points . Today Nifty spot closed below 8595 but it is still above our previous resistance levels of 8556 - 8575 for this month which will now act as a support . Those holding longs should now move keep a TSL of 8554 . Nifty is now seeing selling pressure near our next resistance levels of 8630 - 8660 spot . 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 ' . Had mentioned in the previous post 'Now those holding longs should move their TSL to 8555 on closing basis or look to book if 8630 is not sustained tomorrow' . 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 '. Those who would have taken a short trade with this view near 8650 would gained more points .We may see a correction from 8630 - 8660 levels upto 8500 - 8480 incase 8564 spot if now broken and sustained tomorrow .
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 8609 we can see a initial move upto 8628 & on sustaining above 8633 we may see further upmove till 8667. Similarly if Nifty spot sustains below 8573 we may see a initial move on the downside upto 8554 & on sustaining below 8549 we may see a further downmove till 8514
Nifty Spot Levels for the day are
Long above 8609 for 8620 - 8633 - 8667 , SL 8585
Short below 8573 for 8561 - 8549 - 8514 , SL 8596
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Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss