Nifty spot opened at 8178.20 and made a high of 8178.70 , went down till 8127.45 before closing at 8139.45 . 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. Last week we saw Nifty take some support near our initial support levels of 8150 - 8115 incase of a downmove . IF we get a consecutive close below 8051 this month then we can expect the downmove to continue till 7900 . 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 13 sessions and a decisive break of this range is required for a clear direction. For this week Nifty spot needs to break and sustain above 8205 then we can expect a move till 8245 - 8270 initially and closing above 8290 we can expect the next move till 8345 - 8410 . Similarly this week Nifty spot needs to break and sustain below 8075 then we can expect a till 8035 - 8010 initially and closing below 7990 we can expect a move till 7935 - 7870. Nifty has so far not broken and sustained below 8099 for further fall 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 8165 we can see a initial move on the upside upto 8190 & on sustaining above 8195 we may see further upmove till 8245. Similarly if Nifty spot sustains below 8115 we may see a initial move on the downside upto 8090 & on sustaining below 8085 we may see a further downmove till 8035
Nifty Spot Levels for the day are
Long above 8165 for 8180 - 8195 - 8245 , SL 8130
Short below 8115 for 8100 - 8085 - 8035 , SL 8145
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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.