Nifty spot opened at 8915.50 and made a low of 8896 , then went up till 8960.35 before closing at 8952.50 . We had mentioned that long positions can be taken above 8943 and short positions can be taken below 8893 for the day . Nifty triggered our long trade towards the end of session and completed just 1 target giving us just 17 points . Nifty has been trading sideways for the past few sessions and today managed to give a close just above 8950. 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 ' , and we saw Nifty make a new high of 8968.70 in the previous session . 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 posts that 'Am expecting Nifty to face resistance near 8970 - 9020 levels from here' , and we are yet to see a break above this level . 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 8975 we can see a initial move upto 8998 & on sustaining above 9004 we may see further upmove till 9046. Similarly if Nifty spot sustains below 8930 we may see a initial move on the downside upto 8907 & on sustaining below 8901 we may see a further downmove till 8859
Nifty Spot Levels for the day are
Long above 8975 for 8988 - 9004 - 9046 , SL 8945
Short below 8930 for 8917 - 8901 - 8859 , SL 8959
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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.