Nifty spot opened at 8670.25 and made a high of 8682.35 , went down till 8600.45 before closing at 8642.55 . We had mentioned that long positions can be taken above 8699 and short positions can be taken below 8646 for the day . Nifty triggered our short trade and completed 2 targets giving around 45 points from the short trade. 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 3 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 18 sessions now and without Bank Nifty giving a breakout it will be difficult for Nifty to break and sustain above 8735' . We need to watch whether Nifty is now able to break and sustain above 8735 - 8742 levels to expect further upmove . Also Bank Nifty will need to break and sustain above 19158 -19297 to support further upmove which it has failed to do so till now this series.
Incase Nifty breaks but fails to sustain above 8735 - 8742 then once again we can expect lower levels till 8500 to be tested . Breaking and sustaining below 8500 can see a test of 8375 levels on the Nifty . Closing or sustaining above 8735 - 8742 spot levels we can expect a target of 8835 and more .
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 8669 we can see a initial move upto 8697 & on sustaining above 8705 we may see further upmove till 8755. Similarly if Nifty spot sustains below 8616 we may see a initial move on the downside upto 8588 & on sustaining below 8581 we may see a further downmove till 8530
Nifty Spot Levels for the day are
Long above 8669 for 8686 - 8705 - 8755 , SL 8651
Short below 8616 for 8599 - 8581 - 8530 , SL 8634
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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.