Nifty spot opened at 8657.30 which was also the high for the day , then went down till 8596.60 before closing at 8615.25 . Had mentioned that long positions can be taken above 8720 and short positions can be taken below 8663 for the day . Nifty triggered our short trade today and completed 2 targets giving around 50 points . 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 we saw that Nifty was unable to break above this zone after breaking above 8700 in the last 4 sessions . Had mentioned in the previous post that ' IF Nifty does not break and sustain above or close above 8755 we may see a correction again till 8622 - 8602 levels ' and today we saw Nifty test these levels and make a low of 8596.60 before closing at 8615.25 Nifty has so far held on to its August months lows of 8515 - 8500 levels and taken support . Also as mentioned in many 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 but have not managed to get a close above it . Also had mentioned 'IF Nifty gives a consecutive close above 8755 along with Bank Nifty also closing above 19737 levels then we can expect higher levels' , and though Bank Nifty had given its consecutive close well above 19737 by outperforming Nifty but it fell due to Axis bank results and also dragged ICICI bank down today which was the leader in the Bank Nifty till now in this rally . IF Nifty breaks above 8755 then the next resistance is near 8772 - 8812 spot now .Had mentioned in the previous post that those who are long should move their cbsl to 8669 spot now and we saw it being taken in the gap down today . Now Nifty needs to break and sustain above 8622 to again test 8673 - 8716 levels. Today Nifty triggered our weekly sell too and completed 2 targets. Tomorrow is the expiry for October series and if we compare todays close to the closing of August & September expiry which were at similar levels , we are close to the same level with a gain of just 24 points in this series from August and September expiry day so far with 1 day left to expiry .
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 8640 we can see a initial move upto 8666 & on sustaining above 8672 we may see further upmove till 8719. Similarly if Nifty spot sustains below 8591 we may see a initial move on the downside upto 8565 & on sustaining below 8558 we may see a further downmove till 8511
Nifty Spot Levels for the day are
Long above 8640 for 8655 - 8672 - 8719 , SL 8608
Short below 8590 for 8576 - 8558 - 8511 , SL 8623
Expected expiry range is
Upper Range - 8680
Lower Range - 8550
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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.