Nifty spot opened at 7965.10 and made a high of 7970.05 , went down till 7893.80 before closing at 7908.25 . Had mentioned in the weekly post short positions can be taken below 7965 for this week . Nifty triggered our weekly short after opening and completed 4 targets before giving a borderline closing at 7908.25 just 1 point above our confirmation to stay short . As mentioned in the previous post too ' A deeper downmove can be expected on a consecutive close below 7895 ' and today we saw this level being tested but Nifty managed to hold it on closing . Till Nifty does not give a consecutive close above 8398 this month we can expect all upmoves to get sold into . 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 finally achieved it by making a low of 7893.80 . For this week Nifty spot needs to break and sustain above 8020 then we can expect a move till 8040 - 8055 initially and closing above 8065 we can expect the next move till 8095 - 8130. Similarly this week Nifty spot needs to break and sustain below 7952 then we can expect a till 7931 - 7916 initially and closing below 7907 we can expect a move till 7877 - 7843. Those who are holding shorts should keep a cbsl of 7942 .
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 7919 we can see a initial move on the upside upto 7930 & on sustaining above 7932 we may see further upmove till 7952. Similarly if Nifty spot sustains below 7898 we may see a initial move on the downside upto 7887 & on sustaining below 7884 we may see a further downmove till 7865
Nifty Spot Levels for the day are
Long above 7919 for 7925 - 7932 - 7952 , SL 7905
Short below 7898 for 7892 - 7884 - 7865 , SL 7912
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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.