Nifty spot opened at 8709.65 and made a high of 8736.95 , then went down till 8684.15 before closing at 8708.95 . Had mentioned that long positions can be taken above 8722 and short positions can be taken below 8664 for the day . Nifty triggered our long trade today but could not complete any target . Had mentioned in the previous post that ' Now Nifty spot has immediate resistance near 8735 - 8755 zone which should be watched as closing above 8755 will be crucial for further upmove' and today Nifty made a high of 8736.95 and took resistance for the day . Nifty managed to close above 8700 today but below 8716 which was the outer range of our initial resistance zone of 8673 - 8716. Nifty has so far held on to its August months lows of 8515 - 8500 levels and taken support . Had also mentioned in the previous posts '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'. and we saw our initial resistance levels being broken again today with a high of 8736.95 today but could not close above it . Also as mentioned 'IF Nifty gives a consecutive close above 8755 along with Bank Nifty also closing above 19737 levels then we can expect higher levels' , today Bank Nifty has closed well above 19737 and we need to see if Bank manages to give a consecutive close and also if Nifty manages to close above 8755 . Next resistance is near 8815 - 8850 spot .Those who are long should move their cbsl to 8669 spot now . IF Nifty does not break and sustain above or close above 8755 we may see a correction again till 8622 - 8602 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 8738 we can see a initial move upto 8768 & on sustaining above 8776 we may see further upmove till 8830. Similarly if Nifty spot sustains below 8680 we may see a initial move on the downside upto 8650 & on sustaining below 8642 we may see a further downmove till 8588
Nifty Spot Levels for the day are
Long above 8738 for 8755 - 8776 - 8830 , SL 8700
Short below 8680 for 8663 - 8642 - 8588 , SL 8718
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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.