Nifty spot opened at 8790.30 and made a high of 8826.85 , then went down till 8757.30 before closing at 8777.15 . Had mentioned that long positions can be taken above 8799 and short positions can be taken below 8753 for the day . Nifty triggered our long trade and completed 1 target giving 20 points . Had mentioned in the previous post that 'Nifty had broken out at the start of this month from the range of 8735 - 8742 where it is currently now and holding these levels we can expect Nifty to attempt to move up again' , today again Nifty has closed a tad below 8800 but still above this range . As long as Nifty is closing below our trend continuation level of 8900 we can expect the upmoves to be sold into . Also have been mentioning in the previous posts that 'Now we have immediate supports at 8716 - 8673' and we saw Nifty taking support on three consecutive times in the week gone by within this range . 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. As long as Nifty manages to hold 8716 - 8673 levels on dips we can expect to see a retest of 8900 levels again . We need a close above 8900 to begin the upmove again and sustaoning above 8956 can take us towards 9050+ levels. After trading in a tight range the entire week so far we should see a bigger move with the BOJ & Fed events over now.
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 8800 we can see a initial move upto 8824 & on sustaining above 8831 we may see further upmove till 8874. Similarly if Nifty spot sustains below 8754 we may see a initial move on the downside upto 8730 & on sustaining below 8724 we may see a further downmove till 8680. Once the last targets are achieved for the day , follow the weekly levels for the next targets.
Nifty Spot Levels for the day are
Long above 8800 for 8814 - 8831 - 8874 , SL 8770
Short below 8754 for 8740 - 8724 - 8680 , SL 8784
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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.