Nifty spot opened at 8667 and made a high of 8684.85 , went down till 8614 before closing at 8629.15 . We had mentioned that long positions can be taken above 8686 and short positions can be taken below 8648 for the day . Nifty triggered out short trade and completed 2 targets giving us around 26 points . Now it is 9 sessions since Nifty made a high of 8728 and we are seeing Bank Nifty now sustain above our level of 19297 in the last 3 sessions. Nifty should break above 8735 now 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' . Now we need to watch whether Nifty is able to break and sustain above 8735 - 8742 levels to expect further upmove . This week Nifty needs to break above 8735 levels and sustain to test 8800 - 8830 levels . Breaking below 8600 levels we can see a retest of 8510 levels on the Nifty . We have just 3 days left for August series expiry in F&O and we can expect some action in these 3 days .
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 8648 we can see a initial move upto 8669 & on sustaining above 8674 we may see further upmove till 8710. Similarly if Nifty spot sustains below 8610 we may see a initial move on the downside upto 8590 & on sustaining below 8585 we may see a further downmove till 8548
Nifty Spot Levels for the day are
Long above 8648 for 8660 - 8674 - 8710 , SL 8623
Short below 8610 for 8598 - 8585 - 8548 , SL 8635
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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.