Nifty spot opened at 8128.45 and made a low of 8121.95 , went up till 8225.90 before closing at 8153.60 . Fed has finally increased the rates by 0.25 after delaying it for so long and now markets should take a clear direction with the event out of the way. 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. Had mentioned '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. So far Nifty is taking support near 8150 - 8115 levels . IF we get a consecutive close below 8051 this month then we can expect the downmove to continue . Till Nifty does not give a consecutive close below 7895 we can expect the downmoves to be bought into . Currently Nifty is trading in the range of 8050 - 8300 since the past 12 sessions and a decisive break of this range is required for a clear direction. Nifty has so far not broken and sustained below 8099 for further fall this week and if it holds the same we can expect it to again retest 8260 levels .
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 8178 we can see a initial move on the upside upto 8204 & on sustaining above 8211 we may see further upmove till 8258. Similarly if Nifty spot sustains below 8129 we may see a initial move on the downside upto 8103 & on sustaining below 8096 we may see a further downmove till 8049
Nifty Spot Levels for the day are
Long above 8178 for 8193 - 8211 - 8258 , SL 8146
Short below 8129 for 8114 - 8096 - 8049 , SL 8161
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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.