Nifty spot opened at 8271.70 , made a high of 8274.95 , went down till 8241.95 before closing at 8261.75 . Had mentioned that long positions can be taken on sustaining above 8273 and short positions can be taken on sustaining below 8220 for the day. Nifty triggered our long trade at opening but could not sustain above it and traded the entire day in a narrow range of 35 points . Had mentioned previously 'Those who are holding positional longs from near 8000 levels or those who are looking to enter on a correction should keep a strict CBSL of 7895 spot for their positions' . Also as have been mentioning in previous posts 'Nifty has so far held on to our cbsl of 7895 and if it continues to do so then we can expect a retest of upto 8360 levels' and we have so far made a high of 8275 from the lows . Those who are holding longs should now trail their cbsl to 8192 from 8162 mentioned in the previous post . Till Nifty does not give a consecutive close above 8398 this month we can expect this upmove to get sold into .The down move can continue further now incase IF we get a consecutive close below 7895 . For this week if Nifty confirms our weekly longs by sustaining / closing above 8335 we can expect Nifty to face resistance near 8375 - 8405 levels initially .Closing above 8425 we can expect a move till 8505 - 8560 levels. If Nifty confirms our weekly shorts by sustaining / closing below 8190 we can expect Nifty to get some support near 8150 - 8115 levels initially. Closing below 8099 we can expect a move till 8035 - 7965 again.
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 8290 we can see a initial move on the upside upto 8315 & on sustaining above 8325 we may see further upmove till 8375. Similarly if Nifty spot sustains below 8235 we may see a initial move on the downside upto 8210 & on sustaining below 8200 we may see a further downmove till 8150
Nifty Spot Levels for the day are
Long above 8290 for 8305 - 8325 - 8375 , SL 8254
Short below 8235 for 8220 - 8200 - 8150 , SL 8270
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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.