Nifty spot opened at 8686.70 and made a high of 8690.10 , went down till 8564.60 before closing at 8575.30 . We had mentioned that long positions can be taken above 8700 and short positions can be taken below 8657 for the day . Nifty triggered our short trade and completed all 3 targets and more for the day giving around 90 points . Nifty also achieved our initial weekly targets for shorts and stopped just at our next level to stay further short which is 8563 for this week . We had been mentioning that uptrend continuation in Nifty would be on closing / sustaining above 8734 and we saw Nifty failing to break and sustain above it after coming near to it at 8728 this week . As have been mentioning 'We have immediate supports at 8556 - 8575 levels and if Nifty breaks and sustains below 8542 then the next support is now near 8515 - 8500 . In the past 2 weeks Nifty has taken support near 8518 levels and bounced back so for now one should watch the breaking of support near 8515 - 8500 levels for a confirmation of further downmove' . Also as mentioned in the previous post 'Bank Nifty has been underperforming since the last 15 sessions now and without it giving a breakout it will be difficult for Nifty to break and sustain above 8735' . Today Nifty has tested our immediate resistance zone of 8556 - 8575 . Also as per our weekly outlook Nifty will correct further once it breaks below 8563 and the confirmation of that move will be on sustaining below 8548 .We have a support at 8515 - 8500 too below 8548 where Nifty has taken support in the previous 2 corrections and that zone should be watched closely as breaking that too we can go for the next targets as per our weekly outlook. Also next supports below 8500 is currently at 8482 - 8440 from where Nifty should take some support incase of a deeper correction and also if we are to resume the upmove .
Trend reversal in Nifty for this series would be consecutive closing below 8542 and trend continuation would be on consecutive close above 8735 spot .
For today if Nifty spot sustains above 8700 we can see a initial move upto 8723 & on sustaining above 8729 we may see further upmove till 8770. Similarly if Nifty spot sustains below 8657 we may see a initial move on the downside upto 8634 & on sustaining below 8628 we may see a further downmove till 8587
Nifty Spot Levels for the day are
Long above 8599 for 8614 - 8631 - 8677 , SL 8568
Short below 8551 for 8536 - 8519 - 8473 , SL 8583
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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.