Nifty spot opened at 8153.55 , made a high of 8159.30 , went down till 8070.05 before closing at 8086.80 . As long as Nifty is closing below 8362 we can expect the upmoves to be sold into. On a consecutive close above 8362 we can expect 8561 levels to be tested. Nifty has so far held on to our cbsl of 7895 and if it continues to do so then we expect a retest of upto 8362 . As mentioned previously 'Those who are holding positional longs from near 8000 levels 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 can continue further now incase IF we get a consecutive close below 7895 . Holding 7895 on closing basis we can see a upmove again in Nifty with resistance initially near 8178 - 8215 zone and above that near 8315 - 8362 . We would need a consecutive close above 8362 to test 8561 and above .
For the month of December we can expect uptrend in Nifty spot on a consecutive closing above 8398 and downtrend on a consecutive closing below 8051 .
For today if Nifty spot sustains above 8115 we can see a initial move on the upside upto 8145 & on sustaining above 8153 we may see further upmove till 8207. Similarly if Nifty spot sustains below 8058 we may see a initial move on the downside upto 8028 & on sustaining below 8021 we may see a further downmove till 7966
Nifty Spot Levels for the day are
Long above 8115 for 8133 - 8153 - 8207 , SL 8078
Short below 8058 for 8041 - 8021 - 7966 , SL 8096
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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.