It was a rare day today as even those who lost in the markets held their heads high with pride and walked with a smile on their faces .
Congratulations to the Indian Army for the Surgical Strike.
Nifty spot opened at 8792.70 and made a high of 8800.65 , then went down till 8558.25 before closing at 8591.25 . Had mentioned that long positions can be taken above 8768 and short positions can be taken below 8725 for the day . Nifty opened at our 2nd target for the long trade thereby not giving a chance to enter longs today . Nifty then went down to trigger our short trade and completed all our intraday short targets till 8658 and corrected further to even complete all our weekly short targets at 8561 by making a low of 8558.25 giving around 150+ points from the short trade . Had mentioned yesterday too that ' 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' .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. Had also mentioned yesterday ' 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 ' and today we saw Nifty open at 8793 but it could not sustain above it . Nifty had been taking support near 8515 - 8500 levels in the entire month of August so this zone should now be watched closely for immediate support . Had mentioned since the beginning of September that 8673 is the trend reversal level and we will see a good correction below it and today we saw Nifty fall by another 100 points quickly once it broke and sustained below it . Now 8673 - 8716 would be the immediate resistance zone in the days to come . We have a small support at 8480 - 8464 below 8552 - 8522 levels on the downside for 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 8618 we can see a initial move upto 8646 & on sustaining above 8653 we may see further upmove till 8703. Similarly if Nifty spot sustains below 8565 we may see a initial move on the downside upto 8537 & on sustaining below 8530 we may see a further downmove till 8479
Nifty Spot Levels for the day are
Long above 8618 for 8634 - 8653 - 8703 , SL 8583
Short below 8565 for 8548 - 8530 - 8479 , SL 8599
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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.