Nifty spot opened at 8205.65 , made a high of 8210.05 , then went down till 8089.40 before closing at 8111.60 . Had mentioned that long positions can be taken above 8148 and short positions can be taken below 8069 for the day . Nifty triggered our long trade in a gap up by opening near our 2nd target for the day thereby not giving any chance to enter. Incase anyone would have entered on the correction near our trigger level they would have seen their SL being taken . As long as Nifty is closing below 8561 there will always be a chance for a correction even incase of a pullback as it is still below our monthly levels to stay short . Bank Nifty had been holding itself above its monthly downtrend level so far but has today closed below it . If its gives a consecutive close below it then we may see November low of 8000 being tested . Nifty has tested our yearly support range of 8050 - 8250 last week . Had mentioned in the previous post 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. Nifty can retest 8000 levels again on sustaining / closing below 8250. Those who are holding positional longs from near 8000 - 8050 levels entered last week or those who are looking to enter on a correction this week should keep a strict CBSL of 7895 spot for their positions . This downmove is appearing to be nearing its saturation for now and incase of a pullback Nifty will face resistance initially above 8215 near 8362 and above that near 8561 and finally near 8755 .
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 8151 we can see a initial move upto 8192 & on sustaining above 8203 we may see further upmove till 8277. Similarly if Nifty spot sustains below 8072 we may see a initial move on the downside upto 8031 & on sustaining below 8020 we may see a further downmove till 7946
Nifty Spot Levels for the day are
Long above 8151 for 8175 - 8203 - 8277 , SL 8099
Short below 8072 for 8048 - 8020 - 7946 , SL 8124
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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.