Nifty spot opened at 8648.85 and made a low of 8645.05 , went up till 8690.70 before closing at 8673.25 . We had mentioned that long positions can be taken above 8649 and short positions can be taken below 8600 for the day . Nifty triggered our long trade and completed 2 targets giving around 30 points. 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 20 sessions now and without Bank Nifty giving a breakout it will be difficult for Nifty to break and sustain above 8735' . Today finally Bank Nifty broke out above 19158 and also closed nearly 200 points above it too. Now we need to watch whether Nifty is able to break and sustain above 8735 - 8742 levels to expect further upmove . Bank Nifty today broke and closed above the range of 19158 -19297 so one can expect further upmove if sustains here . As mentioned yesterday 'Looking at the tight trading range today along with indecisiveness in direction we can expect to see a big move come in the next 2 trading sessions' and today we saw Bank Nifty breakout and now we need to see if Nifty too breaks out above 8735 this week.
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 8698 we can see a initial move upto 8725 & on sustaining above 8732 we may see further upmove till 8780. Similarly if Nifty spot sustains below 8648 we may see a initial move on the downside upto 8622 & on sustaining below 8615 we may see a further downmove till 8567
Nifty Spot Levels for the day are
Long above 8698 for 8714 - 8732 - 8780 , SL 8665
Short below 8648 for 8633 - 8615 - 8567 , SL 8681
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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.