Nifty spot opened at 8732.95 and made a high of 8746.95 , then went down till 8699.40 before closing at 8715.60 . We had mentioned that long positions can be taken above 8893 and short positions can be taken below 8841 for the day . Nifty opened below our last short target for the day and went down further by 60 points giving no chance to enter as per daily levels . Those who would have used the weekly levels would have entered near 8725 levels and got just 25 points . Nifty also achieved in the gap down 4 short targets for the week but could did not sustain below 8708 which was the confirmation levels to stay short for more correction and managed to close just above it . After the low which was made in initial part of the day Nifty traded between 8742 - 8700 for the remaining trading session . Nifty had broken out at the start of this month from the range of 8735 - 8742 where it again faced resistance in the small pull back we saw on Monday . 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 on Friday and give 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. Had 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 . Also had mentioned in the previous post that 'Now we have immediate supports at 8716 - 8673' and we saw a low of 8699.40 for the day . Now for the coming sessions we need to closely watch 8673 levels which is also our trend reversal level for this month as breaking and sustaining below it can begin the next leg of correction towards the next immediate support of 8637 - 8602 and below it we have next supports at 8552 - 8522 levels . We have a cluster of supports between 8700 - 8500 levels and one should watch the price action as we near each support to decide the next trade. Also Nifty has been taking support near 8515 - 8500 levels in the entire August month so this zone 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 8749 we can see a initial move upto 8785 & on sustaining above 8793 we may see further upmove till 8857. Similarly if Nifty spot sustains below 8682 we may see a initial move on the downside upto 8647 & on sustaining below 8638 we may see a further downmove till 8574
Nifty Spot Levels for the day are
Long above 8749 for 8770 - 8793 - 8857 , SL 8705
Short below 8682 for 8661 - 8638 - 8574 , SL 8726
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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.