Nifty Spot Outlook for 04th October

NIFTY

Nifty spot opened  at 8666.15 and made a low of 8635 , then went up till 8745.20 before closing at 8738.10 . Had mentioned that long positions can be taken above 8637 and short positions can be taken below 8585 for the day . Nifty opened near our 1st target as per intraday levels and above our long trigger for the week and then dipped till our long trigger for the day and gave a good entry and went on to complete all our intraday long targets for the day and also our initial 3 long targets for the week giving us nearly 100 points from the trade. After a indecisive move day on Friday,  today we got a good trending day on the upside . Was expecting next support near 8552 - 8522 spot levels below 8637 - 8602 levels and so far it has held in this correction and we have got nearly a 200 point upmove from the lows of last week . 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 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. Today Nifty has comfortably broken above 8673 - 8716 which was the  immediate resistance zone above 8602 - 8637 levels . Nifty has closed just below our trend continuation level of 8755 and sustaining above it or if we get a consecutive close above it we can expect a retest of 8900 levels for now . We may face some resistance near 8772 - 8813 levels tomorrow . We may see some swings before the RBI policy announcement .

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 8770 we can see a initial move upto 8804 & on sustaining above 8813 we may see further upmove till 8874. Similarly if Nifty spot sustains below 8706 we may see a initial move on the downside upto 8672 & on sustaining below 8664 we may see a further downmove till 8602

Nifty Spot Levels for the day are

Long above 8758 for 8790 - 8813 - 8874 , SL 8728

Short below 8718 for 8686 - 8664 - 8602 , SL 8748

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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.