Nifty Spot Outlook for 04th August

NIFTY

Nifty spot opened  at 8635.20,  made a high of 8635.45 , went down till 8529.60 before closing at 8544.85 . We had mentioned that long positions can be taken above 8640 and short positions can be taken below 8605 for the day . Nifty triggered our short trade and completed all targets giving us around 60+ points . Nifty has been breaking above the immediate resistance of 8630 - 8660 regularly but has not been able to get a consecutive close above it so far . We have the next resistance near 8714 - 8734 and beyond it we can expect a test of 8336. We have immediate supports at 8556 - 8575 levels and if Nifty breaks and sustains below 8542 then we can test 8448 - 8442 levels too . Today we broke below 8542 but managed to close marginally above and if we fail to sustain above it tomorrow then we should see a test of 8488 - 8442 levels . Holding 8542 we can see Nifty go back and test 8660 - 8675 resistance again .Now with GST bill also going through the market should get ready for the next moves. 

Trend reversal in Nifty for this series would be consecutive closing below 8542 and trend continuation would be on consecutive close above 8735 spot . 

For today if Nifty spot sustains above 8564 we can see a initial move upto  8583 & on sustaining above 8589 we may see further upmove till 8624. Similarly if Nifty spot sustains below 8526 we may see a initial move on the downside upto 8506 & on sustaining below 8501 we may see a further downmove till 8465

Nifty Spot Levels for the day are

Long above 8564 for 8575 - 8589 - 8624 , SL 8539

Short below 8526 for 8514 - 8501 - 8465 , SL 8551

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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.