Nifty spot opened at 8583.75 and made a low of 8543.75 , went up till 8622 before closing at 8607.45 . We had mentioned that long positions can be taken above 8584 and short positions can be taken below 8561 for the day . Nifty initially triggered our short trade and completed 2 targets giving around 16 points as it took our TSL . Nifty took support near 8542 which was our support and trend reversal level for the month. Nifty then triggered our long trade and completed all 3 targets for the day giving around 37 points from the long trade. It has been 13 sessions since Nifty made the high of 8728 and 8 sessions since Bank Nifty broke out above 19158 and 19297 . As have been mentioning for the past few days now Nifty should break above 8735 in the coming sessions else even Bank Nifty will not be able to move further and can reverse till 19000. Today we saw Bank Nifty also make a low of 19097 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' . Today Nifty nearly tested our support of 8542 and bounced back nearly 50 points and also managed to get a close above 8600 again . Had mentioned in the previous post that 'Breaking and sustaining below 8542 we can test 8515 - 8500 levels and below that we can test 8440 levels in the coming sessions' and today we saw Nifty make a low of 8543.75 and bounce back. Nifty has today also closed above our weekly long levels and now if it sustains above 8591 then we can see further upmove 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 . Currently we are trading in a range of 8500 - 8745 on the Nifty.
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 8620 we can see a initial move upto 8633 & on sustaining above 8636 we may see further upmove till 8660. Similarly if Nifty spot sustains below 8595 we may see a initial move on the downside upto 8582 & on sustaining below 8579 we may see a further downmove till 8555
Nifty Spot Levels for the day are
Long above 8620 for 8627 - 8636 - 8660 , SL 8604
Short below 8595 for 8588 - 8579 - 8555 , SL 8611
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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.