Nifty spot opened at 8126 and made a high of 8132.50 , went down till 8094.85 before closing at 8104.35 . 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 managed to close just above 8100 but has closed below the support range of 8150 - 8115 which was held last week .
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 8130 we can see a initial move on the upside upto 8155 & on sustaining above 8161 we may see further upmove till 8210. Similarly if Nifty spot sustains below 8080 we may see a initial move on the downside upto 8065 & on sustaining below 8048 we may see a further downmove till 8001
Nifty Spot Levels for the day are
Long above 8130 for 8144 - 8161 - 8210 , SL 8097
Short below 8080 for 8065 - 8048 - 8001 , SL 8112
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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.