Nifty spot opened at 8796.35 and made a high of 8824.10 , went down till 8768.20 before closing at 8809.65 . We had mentioned that long positions can be taken above 8795 and short positions can be taken below 8754 for the day . Nifty triggered our long trade on opening and just missed our SL by 0.20 points today and recovered to go up again and complete 2 targets giving us around 28 points .Nifty gave the first close above 8800 and it was also a weekly close so we can expect a further upmove this week of aroung 60 - 80 points . Today again we did not see much 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 8824.10 in the previous session . 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 . We can expect a small resistance near 8880 - 8900 once Nifty moves and sustains above 8856 levels .
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 8830 we can see a initial move upto 8851 & on sustaining above 8856 we may see further upmove till 8894. Similarly if Nifty spot sustains below 8790 we may see a initial move on the downside upto 8769 & on sustaining below 8764 we may see a further downmove till 8726
Nifty Spot Levels for the day are
Long above 8830 for 8842 - 8856 - 8894 , SL 8804
Short below 8790 for 8778 - 8764 - 8726 , SL 8816
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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.