Nifty spot opened at 8097.55 , made a high of 8128.95 , then went down till 8048.30 before closing at 8074.10 . Had mentioned that long positions can be taken above 8119 and short positions can be taken below 8041 for the day . Nifty triggered our long trade but not complete any target and took our SL . 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 . Nifty has again reached near our yearly support range of 8050 - 8250 and is now close to the lower end of the range . Had mentioned in the previous post 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 at 8215 and 8362 and above that near 8561 and finally near 8755 . We are entering the expiry week for November series in F&O and we can expect some swings.
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 8113 we can see a initial move upto 8155 & on sustaining above 8165 we may see further upmove till 8240. Similarly if Nifty spot sustains below 8035 we may see a initial move on the downside upto 7993 & on sustaining below 7983 we may see a further downmove till 7908
Nifty Spot Levels for the day are
Long above 8113 for 8138 - 8165 - 8240 , SL 8062
Short below 8035 for 8011 - 7983 - 7908 , SL 8086
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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.