Nifty spot opened at 8088.75 , made a low of 8056.85 , went up till 8141.90 before closing at 8128.75 . Had mentioned that long positions can be taken above 8115 and short positions can be taken below 8058 for the day. Nifty just touched our short trigger and reversed to go up and trigger our long trade for the day and completed just 1 target . Nifty triggered our weekly long levels intraday but failed to break above our weekly confirmation level and also did not close above it . Once Nifty confirms our weekly longs on closing then one can keep a cbsl of 8110 for their long positions. 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 8360 levels . 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 . For this week if Nifty triggers our weekly longs by sustaining / closing above 8162 we can expect Nifty to face resistance near 8242 - 8262 levels initially .Closing above 8262 we can expect a move till 8330 - 8368 levels. If Nifty triggers our weekly shorts by sustaining / closing below 8012 we can expect Nifty to get some support near 7965 - 7932 levels initially.
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 8157 we can see a initial move on the upside upto 8186 & on sustaining above 8193 we may see further upmove till 8246. Similarly if Nifty spot sustains below 8101 we may see a initial move on the downside upto 8072 & on sustaining below 8064 we may see a further downmove till 8011
Nifty Spot Levels for the day are
Long above 8157 for 8174 - 8193 - 8246 , SL 8120
Short below 8101 for 8084 - 8064 - 8011 , SL 8137
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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.