Nifty spot opened at 8735.35 and made a high of 8745.80 , then went down till 8703.95 before closing at 8708.80 . Had mentioned that long positions can be taken above 8725 and short positions can be taken below 8671 for the day . Nifty triggered our long trade and completed just 1 target . Nifty had given a close above our uptrend level of 8755 on last Tuesday but it could not give a consecutive close above it and has retested the support zone of 8716 - 8673 . Nifty has resistance as mentioned in the previous posts near 8772 - 8813 zone and we need to break above it convincingly or close above it to head back towards 8900 - 8950 levels of September . If Nifty breaks and closes below 8716 - 8673 zone then we may retest 8550 levels again . 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. Incase we break below this support then we have our next immediate supports at 8480 - 8464 as mentioned in the weekly post too . If Nifty manages to give a consecutive close above 8755 along with Bank Nifty also closing above 19737 levels then we can look forward to testing September month highs
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 8736 we can see a initial move upto 8764 & on sustaining above 8772 we may see further upmove till 8823. Similarly if Nifty spot sustains below 8682 we may see a initial move on the downside upto 8653 & on sustaining below 8646 we may see a further downmove till 8594
Nifty Spot Levels for the day are
Long above 8736 for 8753 - 8772 - 8823 , SL 8700
Short below 8682 for 8665 - 8646 - 8594 , SL 8717
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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.