Nifty spot opened at 8152.10 , made a low of 8151.75 , went up till 8256.25 before closing at 8246.85 . Had mentioned that long positions can be taken above 8129 and short positions can be taken below 8076 for the day. Nifty triggered our long trade by opening above our 1st target for the day and completed all targets . Nifty also confirmed our weekly longs and achieved our initial 3 long targets for the week . Those who are holding longs can now keep a cbsl of 8162 for their long positions instead of 8110 mentioned in the previous post . 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 down move can continue further now incase IF we get a consecutive close below 7895 . Also as have been mentioning from the start of this week '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'. Today Nifty made a high of 8256 and also closed within our initial resistance zone of 8242 - 8262 . Now if we get a close above this zone then we expect the next targets on the upside.
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 8273 we can see a initial move on the upside upto 8301 & on sustaining above 8308 we may see further upmove till 8359. Similarly if Nifty spot sustains below 8220 we may see a initial move on the downside upto 8192 & on sustaining below 8185 we may see a further downmove till 8135
Nifty Spot Levels for the day are
Long above 8273 for 8290 - 8308 - 8359 , SL 8239
Short below 8220 for 8204 - 8185 - 8135 , SL 8255
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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.