Nifty spot opened at 8934.30 and made a high of 8939.15 , then went down till 8858.70 before closing at 8866.70 . We had mentioned that long positions can be taken above 8975 and short positions can be taken below 8930 for the day . Nifty triggered our short trade and completed all 3 targets giving us 70 points . Had mentioned in the previous posts that "Am expecting Nifty to face resistance near 8970 - 9020 levels from here " and we saw Nifty make a high of 8968.70 and reverse and today it gave a close below 8900 which was our trend continuation level indicating a short term reversal is possible if fails to close above 8900 this week. Nifty has a small support at 8815 levels and sustaining below it can see it test upto 8742 - 8735 from where we broke out. 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 so far this month . 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 .A close above 8956 will take us back to test 9050 + levels .
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 8893 we can see a initial move upto 8920 & on sustaining above 8927 we may see further upmove till 8976. Similarly if Nifty spot sustains below 8841 we may see a initial move on the downside upto 8814 & on sustaining below 8807 we may see a further downmove till 8758
Nifty Spot Levels for the day are
Long above 8893 for 8908 - 8927 - 8976 , SL 8859
Short below 8841 for 8825 - 8807 - 8758 , SL 8875
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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.