Wednesday, 24 August 2016

Nifty Spot Outlook for 25th August


Nifty spot opened  at 8648.50 and made a high of 8661.05 , went down till 8620.90 before closing at 8650.30 . We had mentioned that long positions can be taken above 8652 and short positions can be taken below 8614 for the day . Nifty triggered our long trade but did not achieve any targets and triggered our SL. After that for the entire day Nifty traded between our long and short trigger levels .   Tomorrow would be the 11th session since Nifty made a high of 8728 and we are seeing Bank Nifty now sustain above our level of 19297 in the last 5 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' . Today Nifty broke below 8600 and we saw it take supports near our immediate support levels of 8556 - 8575 and reverse . 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 . We have just 1 day left for August series expiry in F&O now and mostly we might have a narrow range move tomorrow and the big move could come on Friday .

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 8664 we can see a initial move upto  8678 & on sustaining above 8682 we may see further upmove till 8708. Similarly if Nifty spot sustains below 8637 we may see a initial move on the downside upto 8622 & on sustaining below 8619 we may see a further downmove till 8592

Nifty Spot Levels for the day are

Long above 8664 for 8672 - 8682 - 8708 , SL 8646

Short below 8637 for 8628 - 8619 - 8592 , SL 8655

Expected expiry range is 

Upper Level 8711

Lower Level 8589

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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.

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