Nifty spot opened at 8754.05 which was also the low for the day, went up till 8819.20 before closing at 8786.20 . We had mentioned that long positions can be taken above 8765 and short positions can be taken below 8723 for the day . Nifty opened gap up and triggered our long trade and nearly completed all 3 targets giving us close to 50 points for the day. Those who would have used TSL and held would have still got 30 points too. Today we finally breached 8800 and closed just below it as some profit booking was seen near 8820 which was expected. Today we saw another new high for this month on the last day and also a new monthly closing high for this year. As have been mentioning since sometime now ' Closing or sustaining above 8735 - 8742 spot levels we can expect a target of 8835 and more ' , and today we saw Nifty make a high of 8819.20 for this month . Now we would be beginning a new month from tomorrow so a few new levels need to be watched. Now we have immediate supports at 8716 - 8673 and if Nifty breaks and sustains below 8673 then the next supports are at 8552 - 8522 . Also Nifty has been taking support near 8515 - 8500 levels in the entire August month so this should provide good support . Now we have immediate resistance at 8856 - 8900 levels and if Nifty spot breaks and sustains above 8900 then the next resistances are at 9025 - 9050 .
Trend reversal in Nifty for this month would be consecutive closing below 8673 and trend continuation would be on consecutive closing above 8900 spot .
For today if Nifty spot sustains above 8807 we can see a initial move upto 8829 & on sustaining above 8834 we may see further upmove till 8874. Similarly if Nifty spot sustains below 8765 we may see a initial move on the downside upto 8743 & on sustaining below 8738 we may see a further downmove till 8698
Nifty Spot Levels for the day are
Long above 8807 for 8820 - 8834 - 8874 , SL 8780
Short below 8765 for 8753 - 8738 - 8698 , SL 8793
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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.