Nifty spot opened at 8572.80 and made a high of 8601.15 , went down till 8540.05 before closing at 8592.15 . We had mentioned that long positions can be taken above 8599 and short positions can be taken below 8551 for the day . Nifty initially tested our long trigger and then later on went down to trigger our short trade but could not complete even 1 target . For a major part of the day Nifty traded between our long and short trigger indicating indecisiveness on the next direction before again moving up towards the end of session to close near the days high . Nifty today once again tested our reversal level of 8542 but immediately reversed . 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 16 sessions now and without it giving a breakout it will be difficult for Nifty to break and sustain above 8735' . Also had mentioned in the previous post that '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' and Nifty could not sustain below it today to confirm further downmove.
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 8616 we can see a initial move upto 8642 & on sustaining above 8648 we may see further upmove till 8695. Similarly if Nifty spot sustains below 8568 we may see a initial move on the downside upto 8542 & on sustaining below 8536 we may see a further downmove till 8490
Nifty Spot Levels for the day are
Long above 8616 for 8631 - 8648 - 8695 , SL 8585
Short below 8568 for 8553 - 8536 - 8490 , SL 8600
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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.