Nifty Spot Outlook for 31st August

NIFTY

Nifty spot opened  at 8646.75 and made a low of 8642.25 , went up till 8750.60 before closing at 8744.35 . We had mentioned that long positions can be taken above 8620 and short positions can be taken below 8595 for the day . Nifty opened gap up above our long trigger and also above our 2nd target for the day . Had mentioned in the previous post that 'Nifty has today also closed above our weekly long levels and now if it sustains above 8591 then we can see further upmove this week.'  and those who would have taken a long trade even above the 2nd target for the day and followed the weekly levels  from there would have still got 100 points using TSL after every target .  Finally after 14 sessions since Nifty had made the high of 8728 and 9 sessions since Bank Nifty had broken out above 19158 and 19297 we saw a new high on the Nifty as well as Bank Nifty today . As have been mentioning for the past few days now Nifty should break above 8735 in the coming sessions else even Bank Nifty will not be able to move further and can reverse till 19000. Today we saw Nifty not only breakout above 8735 - 8742 levels but it also managed to close above it . 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' . As have been mentioning since sometime now ' Closing or sustaining above 8735 - 8742 spot levels we can expect a target of 8835 and more ' , so now holding these levels by close tomorrow we can expect a further upmove this week.

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 . Currently we are trading in a range of 8500 - 8745 on the Nifty and the upper end has been tested and broken today.

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 8765 we can see a initial move upto  8787 & on sustaining above 8793 we may see further upmove till 8833. Similarly if Nifty spot sustains below 8723 we may see a initial move on the downside upto 8701 & on sustaining below 8696 we may see a further downmove till 8656

Nifty Spot Levels for the day are

Long above 8765 for 8778 - 8793 - 8833 , SL 8738

Short below 8723 for 8711 - 8696 - 8556 , SL 8751

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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.