Nifty Spot Outlook for 08th September

NIFTY

Nifty spot opened  at 8968.70 which was also the high for the day , went down till 8913.35 before closing at 8917.95 . We had mentioned that long positions can be taken above 8967 and short positions can be taken below 8919 for the day . Nifty opened at our long trigger and corrected to go and test our short trigger later but could not complete any targets on the short side . After the fast and good upmove we witnessed in the past few sessions we can expect a sideways move for a couple of days before any further big move . As have been mentioning since the beginning of August ' Closing or sustaining above 8735 - 8742 spot levels we can expect a target of 8835 and more ' , today Nifty made a new high of 8968.70 for this year.  Now we have immediate supports at 8716 - 8673 and if Nifty breaks and sustains below 8673 then the next supports are at 8552 - 8522 . Also Nifty has been taking support near 8515 - 8500 levels in the entire August month so this should provide good support . Had mentioned in the previous post that 'Am expecting Nifty to face resistance near 8970 - 9020 levels from here' , and today Nifty made a high of 8968.70 and took some resistance near it . Breaking or sustaining above 9051 can show us a new high in quick time . Those who are looking to go long on dips from here can keep 8835 as cbsl .

Trend reversal in Nifty for this month would be consecutive closing below 8673 and trend continuation would be on consecutive closing above 8900 spot . 

For today if Nifty spot sustains above 8943 we can see a initial move upto  8970 & on sustaining above 8976 we may see further upmove till 9024. Similarly if Nifty spot sustains below 8893 we may see a initial move on the downside upto 8866 & on sustaining below 8860 we may see a further downmove till 8812

Nifty Spot Levels for the day are

Long above 8943 for 8959 - 8976 - 9024 , SL 8910

Short below 8893 for 8877 - 8860 - 8812 , SL 8926

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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.