Nifty spot opened at 7915.05 and made a low of 7903.70 , went up till 8044.65 before closing at 8032.85 . Had mentioned that long positions can be taken above 7919 and short positions can be taken below 7898 for the day . Nifty triggered our long trade and completed all our targets . Had mentioned in the previous post that ' Nifty has given a borderline close just 1 point above our confirmation level to stay short ' . As mentioned in the previous post too ' A deeper downmove can be expected on a consecutive close below 7895 ' and we had seen this being tested but Nifty had 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' which was achieved by Nifty 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. Had mentioned in the previous post 'Those who are holding shorts should keep a cbsl of 7942' . Today Nifty has closed above 8020 after testing our initial resistance range of 8040 - 8055 by making a high of 8044.65 . Now Nifty needs to hold 8020 and break and sustain above 8065 to move up further. Those who are holding longs now should keep a SL of 7996.
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 8055 we can see a initial move on the upside upto 8078 & on sustaining above 8084 we may see further upmove till 8125. Similarly if Nifty spot sustains below 8011 we may see a initial move on the downside upto 7988 & on sustaining below 7982 we may see a further downmove till 7940
Nifty Spot Levels for the day are
Long above 8055 for 8068 - 8084 - 8125 , SL 8026
Short below 8011 for 7998 - 7982 - 7940 , SL 8040
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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.