Nifty spot opened at 8535.75 , made a high of 8535.85 , then went down till 8481.45 before closing at 8497.05 . Had mentioned that long positions can be taken above 8449 and short positions can be taken below 8419 for the day . Nifty opened with a big gap up above our last target for the day and did not give any entry today. As per the weekly levels Nifty has to close or sustain above 8526 for further upmove which it could do today inspite of breaking above it multiple times. Had mentioned in the post for October that 'Now Nifty spot has immediate resistance near 8735 - 8755 zone which should be watched as closing above 8755 will be crucial for further upmove' and we saw that Nifty was unable to break above this zone after breaking above 8700 for 4 sessions which was indicating the lack of strength in the upmove. Nifty has now broken its August months lows of 8515 - 8500 levels and also tested our next supports of 8480 - 8464 and also closed below it . Had also mentionined in the previous daily post that 'Incase Nifty closes or sustains below 8464 then we may see a test of 8442 - 8382 levels on the downside ' and Nifty made a low of 8400.25 and also closed below 8442 levels . Now incase Nifty closes or sustains below 8362 then we may see a test of 8250 levels . Holding the same we can see a retest of 8561 levels below which the downtrend for this month got confirmed with some resistance at 8500 - 8515 levels. We can expect the next 2 days to be volatile with the US election results awaited .
For the month of November we can expect uptrend in Nifty spot on a consecutive closing above 8691 and downtrend on a consecutive closing below 8561 .
For today if Nifty spot sustains above 8516 we can see a initial move upto 8536 & on sustaining above 8541 we may see further upmove till 8577. Similarly if Nifty spot sustains below 8478 we may see a initial move on the downside upto 8458 & on sustaining below 8453 we may see a further downmove till 8417
Nifty Spot Levels for the day are
Long above 8516 for 8528 - 8541 - 8577 , SL 8491
Short below 8478 for 8466 - 8453 - 8417 , SL 8503
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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.