Nifty spot opened at 8196.05 and made a low of 8148.60 , went up till 8219.10 before closing at 8192.25 . Had mentioned that long positions can be taken above 8205 and short positions can be taken below 8154 for the day . Nifty triggered our short trade but could not complete any target and took our SL .It then triggered our long trade but was again unable to complete any target. Nifty has been unable to confirm our weekly shorts by breaking below 8117 in the correction witnessed in the past 2 days . For now Nifty is trading in a range of 8117 - 8255 and breaking and sustaining of this range is required for a trending move on either side for this week after the last 2 days of indecisiveness. As have been mentioning ' A deeper downmove can be expected on a consecutive close below 7895 ' and we had seen this level being tested in the previous week but Nifty had managed to hold it on closing . Till Nifty does not give a consecutive close above 8329 this month we can expect all upmoves to get sold into . For this week Nifty spot needs to break and sustain above 8255 then we can expect a move till 8297 - 8327 initially and closing above 8346 we can expect the next move till 8408 - 8477. Similarly this week Nifty spot needs to break and sustain below 8117 then we can expect a move till 8074 - 8044 initially and closing below 8026 we can expect a move till 7963 - 7894.
For the month of January we can expect uptrend in Nifty spot on a consecutive closing above 8329 and downtrend on a consecutive closing below 8043 .
For today if Nifty spot sustains above 8218 we can see a initial move on the upside upto 8245 & on sustaining above 8251 we may see further upmove till 8300. Similarly if Nifty spot sustains below 8167 we may see a initial move on the downside upto 8140 & on sustaining below 8133 we may see a further downmove till 8085
Nifty Spot Levels for the day are
Long above 8218 for 8233 - 8251 - 8300 , SL 8184
Short below 8167 for 8151 - 8133 - 8085 , SL 8200
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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.