Tuesday, 6 September 2016

Nifty Spot Outlook for 07th September

NIFTY


Nifty spot opened  at 8852.70 and made a low of 8848.45 , went up till 8950.85 before closing at 8943 . We had mentioned that long positions can be taken above 8830 and short positions can be taken below 8790 for the day . Nifty triggered our long trade and opened near our 2nd target for the day and also triggered our weekly long at opening and confirmed our weekly longs above 8862 spot . Nifty then achieved our last target for the day and also achieved 4 targets for the week and also closed above our weekly level for staying long of 8932. Nifty gave us today around 85 points from the long trade . Today we saw a strong trending day and also closed strongly . 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 new high of 8950.85 today .  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 . Am expecting Nifty to face resistance near 8970 - 9020 levels from here . Breaking or sustaining above 9051 can show us a new high in quick time . 

Today Nifty has closed well above 8900 and those holding longs from 8735 should keep 8900 as their TSL now.


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 8967 we can see a initial move upto  8993 & on sustaining above 8999 we may see further upmove till 9045. Similarly if Nifty spot sustains below 8919 we may see a initial move on the downside upto 8893 & on sustaining below 8887 we may see a further downmove till 8841


Nifty Spot Levels for the day are

Long above 8967 for 8982 - 8999 - 9045 , SL 8936

Short below 8919 for 8904 - 8887 - 8841 , SL 8951

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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.