Nifty spot opened at 8210.10 and made a high of 8212 , went down till 8133.80 before closing at 8179.50 . Had mentioned that long positions can be taken above 8212 and short positions can be taken below 8160 for the day . Nifty triggered our short trade and completed just 1 target . 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 8253 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. Today Nifty triggered our weekly shorts but could not confirm it by breaking below 8117 .
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 8205 we can see a initial move on the upside upto 8233 & on sustaining above 8239 we may see further upmove till 8289. Similarly if Nifty spot sustains below 8154 we may see a initial move on the downside upto 8127 & on sustaining below 8120 we may see a further downmove till 8070
Nifty Spot Levels for the day are
Long above 8205 for 8221 - 8239 - 8289 , SL 8172
Short below 8154 for 8138 - 8120 - 8070 , SL 8187
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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.