Nifty spot opened at 8105.10 , made a high of 8151.25 , then went down till 8060.30 before closing at 8079.95 . Had mentioned that long positions can be taken above 8151 and short positions can be taken below 8072 for the day . Nifty tested our long trigger after opening and reversed to go down and trigger our short trade but not complete any targets. 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 is still holding stronger inspite of closing below its monthly downtrend level . Had mentioned in the previous post 'If its gives a consecutive close below it (monthly downtrend level ) then we may see November low of 8000 being tested' and we can expect the same as we got a consecutive close today. Nifty has tested our yearly support range of 8050 - 8250 last week and is now close to the lower end of the range . 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 8119 we can see a initial move upto 8160 & on sustaining above 8171 we may see further upmove till 8245. Similarly if Nifty spot sustains below 8041 we may see a initial move on the downside upto 8000 & on sustaining below 7989 we may see a further downmove till 7915
Nifty Spot Levels for the day are
Long above 8119 for 8143 - 8171 - 8245 , SL 8068
Short below 8041 for 8017 - 7989 - 7915 , SL 8092
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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.