Nifty spot opened at 8727.80 made a high of 8728.35 , went down till 8638.20 before closing at 8678.25 . We had mentioned that long positions can be taken above 8734 and short positions can be taken below 8690 for the day . Nifty triggered our short trade and completed more than 2 targets giving us nearly 40 points from the trade . We had been mentioning that uptrend continuation in Nifty would be on closing / sustaining above 8734 and today again we saw Nifty reverse from just near it . We had been mentioning that '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' and today again we have managed to get a close above it after the correction . We have the next resistance near 8714 - 8734 and once we close above it then we can expect a test of 8835. 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 2 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 . We were expecting a test of 8714 - 8734 this week as per the previous weekly close and that is done today again. Now we need to see if Nifty spot can break and sustain above 8735 to confirm further upmove. Bank Nifty has been underperforming since the last 15 sessions now and without it giving a breakout it will be difficult for Nifty to break and sustain above 8735 . Today again we saw Nifty make a new high for the month whereas Bank Nifty again under performed and is yet to break its high made on 18th July of 19158 .
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 8700 we can see a initial move upto 8723 & on sustaining above 8729 we may see further upmove till 8770. Similarly if Nifty spot sustains below 8657 we may see a initial move on the downside upto 8634 & on sustaining below 8628 we may see a further downmove till 8587
Nifty Spot Levels for the day are
Long above 8700 for 8713 - 8729 - 8770 , SL 8672
Short below 8657 for 8643 - 8628 - 8587 , SL 8685
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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.