Nifty spot opened at 8612.95 and made a high of 8615.40 , then went down till 8506.15 before closing at 8520.40 . Had mentioned that long positions can be taken above 8608 and short positions can be taken below 8559 for the day . Nifty triggered our long trade at opening but immediately went down to take our SL and then triggered our short trade and completed 2 targets giving around 40 points . Overall it was a flat trade as SL was hit first in the long trade. As per our weekly levels today Nifty has triggered our short trade but we needed a close below 8518 to get confirmation . Also as mentioned previously "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" , which has been tested today . If Nifty breaks and sustains below todays low then we can expect our next supports to get tested . Now as mentioned in the previous post too 'If Nifty breaks below 8552 - 8522 supports and tests our next supports of 8480 - 8464 and does not sustain below it , then we can again see it move up to to test our resistance at 8673 - 8716 initially and above it till 8772 - 8813'. IF Nifty gives a consecutive close above 8755 along with Bank Nifty also closing above 19737 levels then we can expect higher levels .Today Nifty was saved from a bigger correction as Bank Nifty was outperforming .
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 8546 we can see a initial move upto 8573 & on sustaining above 8579 we may see further upmove till 8627. Similarly if Nifty spot sustains below 8495 we may see a initial move on the downside upto 8468 & on sustaining below 8462 we may see a further downmove till 8413
Nifty Spot Levels for the day are
Long above 8546 for 8561 - 8579 - 8627 , SL 8513
Short below 8495 for 8480 - 8462 - 8413 , SL 8528
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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.