Nifty spot opened at 8047.55 and made a high of 8100.55 , went down till 8028.40 before closing at 8034.85 . Had mentioned that long positions can be taken above 8055 and short positions can be taken below 8011 for the day . Nifty triggered our long trade and completed 2 targets . 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 this week 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. Nifty today tested our next resistance range for longs of 8095 - 8130 before seeing profit booking erase all the gains .
We are at the last day for December expiry and the expiry day range is as mentioned below
Upper End - 8100
Lower End - 7969
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 8057 we can see a initial move on the upside upto 8080 & on sustaining above 8086 we may see further upmove till 8128. Similarly if Nifty spot sustains below 8013 we may see a initial move on the downside upto 7990 & on sustaining below 7984 we may see a further downmove till 7942
Nifty Spot Levels for the day are
Long above 8057 for 8070 - 8086 - 8128 , SL 8028
Short below 8013 for 7999 - 7984 - 7942 , SL 8042
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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.