Nifty spot opened at 8607.10 , made a high of 8624.85 , then went down till 8550.25 before closing at 8615.25 . Had mentioned that long positions can be taken above 8640 and short positions can be taken below 8590 for the day . Nifty triggered our short trade today and completed 2 targets giving around 40 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 for 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 we had seen Nifty make a low of 8596.60 on Wednesday and close below 8617 which was our weekly confirmation levels for shorts . Today we saw Nifty test our expected lower range of 8550 for the expiry given yesterday before closing exactly at the same level as the previous day . 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 or close 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'. 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 . Now Nifty needs to break and sustain above 8622 to again test 8673 - 8716 levels. After todays expiry for October series we have actually gained just 24 points if we compare todays close to the expiry closing of August of 8592.20 & September expiry closing of 8591 .25 .
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
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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.