Nifty Spot Outlook for 08th August

NIFTY

Nifty spot opened  at 8600.20  made a low of 8590.15 , went up till 8689.40 before closing at 8683.15 . We had mentioned that long positions can be taken above 8570 and short positions can be taken below 8533 for the day . Nifty triggered our long trade and opened above our 2nd target and went up nearly 90 points from there too . Those who would have taken a long trade with a SL at 8570 above which our longs had been triggered would have also got 80 points.  We had been mentioning that 'Nifty has been breaking above the immediate resistance of 8630 - 8660 regularly but has not been able to get a consecutive close above it so far' and today again we have got a close above it at 8683 and we need to see if we can get a consecutive close above it on Monday. We have the next resistance near 8714 - 8734 and once we close above it then we can expect a test of 8835. We have immediate supports at 8556 - 8575 levels and if Nifty breaks and sustains below 8542 then we can test 8448 - 8442 levels too . In the past 2 weeks Nifty has taken support near 8518 levels and bounced back so for now one should watch the breaking of support near 8515 - 8500 levels for a confirmation of further downmove . Had mentioned in the previous post 'Holding 8542 we can see Nifty go back and test 8630 - 8660 resistance again' and today we saw 8630 - 8660 getting tested again . We have also got a good weekly close above 8675 suggesting we may be testing our next resistance levels of 8714 - 8734 next . 

Trend reversal in Nifty for this series would be consecutive closing below 8542 and trend continuation would be on consecutive close above 8735 spot . 

For today if Nifty spot sustains above 8705 we can see a initial move upto  8729 & on sustaining above 8734 we may see further upmove till 8777. Similarly if Nifty spot sustains below 8661 we may see a initial move on the downside upto 8638 & on sustaining below 8632 we may see a further downmove till 8590

Nifty Spot Levels for the day are

Long above 8705 for 8719 - 8734 - 8777 , SL 8676

Short below 8661 for 8648 - 8632 - 8590 , SL 8690

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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.