Nifty Spot Outlook for 29th August

NIFTY

Nifty spot opened  at 8614.35 and made a high of 8622.95 , went down till 8547.55 before closing at 8572.55 . We had mentioned that long positions can be taken above 8608 and short positions can be taken below 8577 for the day . Nifty initially triggered our long trade and completed 1 target and then took our TSL . Then Nifty triggered our short trade and completed 2 targets for the day . It has been 12 sessions since Nifty made the high of 8728 and 7 sessions since Bank Nifty broke out above 19158 and 19297 .  As have been mentioning for the past few days now Nifty should break above 8735 in the coming sessions else even Bank Nifty will not be able to move further and can reverse till 19000.   As have been mentioning 'We have immediate supports at 8556 - 8575 levels and if Nifty breaks and sustains below 8542 then the next support is now near 8515 - 8500 . In the past 3 weeks Nifty has taken support near 8518 levels and bounced back so for now one should watch the breaking of support near 8515 - 8500 levels for a confirmation of further downmove' . Today again Nifty broke below 8600 and we saw it take supports near our next level for short confirmation of 8548 as per our weekly levels but it has failed to close above 8600 for the 2nd consecutive day now . Breaking and sustaining below 8542 we can test 8515 - 8500 levels and below that we can test 8440 levels in the coming sessions . 

Incase Nifty breaks but fails to sustain above 8735 - 8742 then once again we can expect lower levels till 8500 to be tested . Breaking and sustaining below 8500 can see a test of 8375 levels on the Nifty . Closing or sustaining above 8735 - 8742 spot levels we can expect a target of 8835 and more . 

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 8584 we can see a initial move upto  8596 & on sustaining above 8599 we may see further upmove till 8621. Similarly if Nifty spot sustains below 8561 we may see a initial move on the downside upto 8549 & on sustaining below 8546 we may see a further downmove till 8524

Nifty Spot Levels for the day are

Long above 8584 for 8591 - 8599 - 8621 , SL 8569

Short below 8561 for 8554 - 8546 - 8524 , SL 8576

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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.