Nifty spot opened at 8581.50 and made a low of 8555.20 , then went up till 8637.15 before closing at 8611.25 . Had mentioned that long positions can be taken above 8618 and short positions can be taken below 8565 for the day . Nifty initially triggered our short trade but could not complete any targets and took our TSL . It then reversed and went up to trigger our long trade and completed 1 target . Overall it was a no gain trading day . We will always have such days of indecisiveness immediately after a big move in one direction as the market would wait for the next trigger for a move . Was expecting next support near 8552 - 8522 spot levels below 8637 - 8602 levels and so far it has held in this correction . Incase we break below this support then we have our next immediate supports at 8480 - 8464 as mentioned in the weekly post too . Now we have begun the October month in F&O which has fewer trading days than September and we also have our RBI policy review this week which can give us the next directional move . Nifty had been taking support near 8515 - 8500 levels in the entire month of August & has managed to take support near 8550 levels in the month of September , so one can expect good support in the zone of 8552 - 8522 for now. Now 8673 - 8716 would be the immediate resistance zone above 8602 - 8637 levels .
For the month of October we can expect uptrend in Nifty spot on a consecutive closing above 8755 and downtrend to continue on a consecutive closing below 8467 .
For today if Nifty spot sustains above 8637 we can see a initial move upto 8665 & on sustaining above 8673 we may see further upmove till 8723. Similarly if Nifty spot sustains below 8585 we may see a initial move on the downside upto 8557 & on sustaining below 8550 we may see a further downmove till 8500
Nifty Spot Levels for the day are
Long above 8637 for 8654 - 8672 - 8723 , SL 8603
Short below 8585 for 8569 - 8550 - 8500 , SL 8619
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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.