Wednesday, 28 September 2016

Nifty Spot Outlook for 29th September


Nifty spot opened  at 8711.20 and made a low of 8703.15 , then went up till 8767.05 before closing at 8745.15 . Had mentioned that long positions can be taken above 8726 and short positions can be taken below 8686 for the day . Nifty triggered our long trade and completed 2 targets giving around 30 points from the long trade. Nifty took resistance today again at our weekly short confirmation level of 8768 and could not break and sustain above it indicating indecisiveness in the uptrend for the day .Had mentioned in the post for Friday that  'Nifty could not give us a consecutive close above our weekly long levels of 8857 and hence we will need to see which side gets triggered as per daily levels on Monday and we saw shorts get triggered . Had been mentioning in the last couple of posts that ' As long as Nifty is closing below our trend continuation level of 8900 we can expect the upmoves to be sold into ' and we saw the same happening in the trading sessions of last week.  Also have been mentioning in the previous posts that 'Now we have immediate supports at 8716 - 8673' and we saw Nifty taking support on many times in the past 2 weeks within this range ' , including all 3 days this week as Nifty made a low of 8711.20 today too . Today Nifty has managed to give a close above 8742 but we would need to see a follow up in the upmove tomorrow to test the resistance at 8768 - 8792 levels initially . Only breaking and sustaining above 8793 can see Nifty test 8835 - 8845 levels .  Now we are at the last day for September series in F&O and one can expect some swings tomorrow . We need to closely watch 8673 levels which is also our trend reversal level for this month as breaking and sustaining below it or closing 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 had been taking support near 8515 - 8500 levels in the entire month of August so this zone should provide good support incase of a deeper correction. As long as Nifty manages to hold 8716 - 8673 levels on dips we can expect to see a retest of 8768 - 8792 levels and sustaining above that upto 8830 levels again . Nifty needs to close or sustain above 8900 to begin the upmove again and sustaining above 8956 can take us towards 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 8768 we can see a initial move upto 8787 & on sustaining above 8793 we may see further upmove till 8832. Similarly if Nifty spot sustains below 8725 we may see a initial move on the downside upto 8703 & on sustaining below 8697 we may see a further downmove till 8658

Nifty Spot Levels for the day are

Long above 8768 for 8778 - 8793 - 8832 , SL 8739

Short below 8725 for 8712 - 8697 - 8658 , SL 8752

Expected Expiry Levels are :

Upper End - 8809

Lower End - 8682

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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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