Nifty spot opened at 8105.85 and made a high of 8112.55 , went down till 8053.25 before closing at 8061.30 . Till Nifty does not give a consecutive close above 8398 this month we can expect this upmove to get sold into .A deeper downmove can be expected on a consecutive close below 7895 . Have been mentioning since the beginning of December that 'IF we get a consecutive close below 8051 this month then we can expect the downmove to continue till 7900' today Nifty made a low of 8053.25 and closed at 8061 . Nifty has confirmed our weekly short with a close below 8075 today but now has to also break and give a consecutive close below 8051 to continue downmove for this month. Currently Nifty is trading in the range of 8050 - 8300 since the past 15 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.
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 8075 we can see a initial move on the upside upto 8090 & on sustaining above 8095 we may see further upmove till 8120. Similarly if Nifty spot sustains below 8048 we may see a initial move on the downside upto 8033 & on sustaining below 8029 we may see a further downmove till 8003
Nifty Spot Levels for the day are
Long above 8075 for 8085 - 8095 - 8120 , SL 8057
Short below 8048 for 8039 - 8029 - 8003 , SL 8066
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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.