Nifty Spot Outlook for 24th August

NIFTY

Nifty spot opened  at 8628.35 and made a high of 8642.15 , went down till 8580 before closing at 8632.60 . We had mentioned that long positions can be taken above 8648 and short positions can be taken below 8610 for the day . Nifty triggered out short trade and completed 2 targets giving us around 25 points . Tomorrow would be the 10th session since Nifty made a high of 8728 and we are seeing Bank Nifty now sustain above our level of 19297 in the last 4 sessions. Nifty should break above 8735 now in the coming sessions else even Bank Nifty will not be able to move further and can reverse till 19000.   As have been mentioning 'We have immediate supports at 8556 - 8575 levels and if Nifty breaks and sustains below 8542 then the next support is now near 8515 - 8500 . In the past 3 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' . Today Nifty broke below 8600 and we saw it take supports near our immediate support levels of 8556 - 8575 and reverse . Now we need to watch whether Nifty is able to break and sustain above 8735 - 8742 levels to expect further upmove . This week Nifty needs to break above 8735 levels and sustain to test 8800 - 8830 levels . We have just 2 days left for August series expiry in F&O and we can expect some action in these 2 days now after the narrow trading range we have been in.

Incase Nifty breaks but fails to sustain above 8735 - 8742 then once again we can expect lower levels till 8500 to be tested . Breaking and sustaining below 8500 can see a test of 8375 levels on the Nifty . Closing or sustaining above 8735 - 8742 spot levels we can expect a target of 8835 and more . 

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 8652 we can see a initial move upto  8672 & on sustaining above 8677 we may see further upmove till 8713. Similarly if Nifty spot sustains below 8614 we may see a initial move on the downside upto 8594 & on sustaining below 8589 we may see a further downmove till 8552

Nifty Spot Levels for the day are

Long above 8652 for 8663 - 8677 - 8713 , SL 8627

Short below 8614 for 8602 - 8589 - 8552 , SL 8638

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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.