Nifty Spot Outlook for 02nd September

NIFTY

Nifty spot opened  at 8793.60 and made a high of 8813.25 , went down till 8759.95 before closing at 8774.65 . We had mentioned that long positions can be taken above 8807 and short positions can be taken below 8765 for the day . Nifty initially triggered our long trade today could not complete any target and our TSL got hit . Towards the end of session Nifty triggered our short trade and again could not complete any target . Overall it was a narrow range day with sideways move . After the big moves we have seen this week we are bound to see some sideways move before the next directional move . Bank Nifty did comparatively well today and managed to close flat compared to the previous day considering it had its weekly expiry too . Today again we witnessed some profit booking once Nifty neared 8820 levels . As have been mentioning since the beginning of August ' Closing or sustaining above 8735 - 8742 spot levels we can expect a target of 8835 and more ' , and we saw Nifty make a high of 8819.20 for the August of month . Now we have begun a new month 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 8795 we can see a initial move upto  8817 & on sustaining above 8823 we may see further upmove till 8863. Similarly if Nifty spot sustains below 8754 we may see a initial move on the downside upto 8732 & on sustaining below 8726 we may see a further downmove till 8686

Nifty Spot Levels for the day are

Long above 8795 for 8808 - 8823 - 8863 , SL 8768

Short below 8754 for 8741 - 8726 - 8686 , SL 8781

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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.