Monday, 31 October 2016

Bank Nifty Spot Outlook for 01st November

BANK NIFTY


Bank Nifty spot on Friday opened at 19657.80 and made a high of 19666.80 , went down till 19484.65 before closing at 19523.55 .  Had mentioned long positions can be taken above 19591 and short positions can be taken below 19437 for the day.  Bank Nifty triggered our long trade at opening and opened above our 1st target thereby not giving a chance to enter the trade .  Had mentioned in the previous post last week that 'Those who are holding longs should move their cbsl to 19685 spot now. Bank Nifty has been clearly outperforming the Nifty and has given a consecutive close now above 19737 but Nifty is being a laggard as it unable to break above 8755 and if Nifty fails to do so and breaks below 8649 then it can drag Bank Nifty along with it and we may see Bank Nifty test 19315 - 19495 levels ' and Bank Nifty broke below these levels and made a low of 19252.10 but managed to close above 19500 post that. If Bank Nifty sustains above 19495 then we can see a retest of 19645 - 19730 levels . Sustaining below 19315 Bank Nifty can test 19185 - 19059 levels 

For the month of November we can expect uptrend in Bank Nifty spot on a consecutive closing above 19840 and downtrend to continue on a consecutive closing below 19207 . 

For today if Bank Nifty spot sustains above 19581 we can see a initial move upto 19642 & on sustaining above 19658 we may see further upmove  till 19768. Similarly if Bank Nifty spot sustains below 19466 we may see a initial move on the downside upto 19405 &  on sustaining below 19389 we may see further downmove till 19279

Bank Nifty Spot Levels for the day are

Long above 19581 for 19617 
– 19658 – 19768 , SL 19506

Short below 19466 for 19430 – 19389 – 19279 , SL 19541

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Nifty Spot Outlook for 01st November

NIFTY


Nifty spot on Friday opened  at 8625 , made a high of 8653.75 , then went down till 8581.75 before closing at 8638 . Had mentioned that long positions can be taken above 8640 and short positions can be taken below 8590 for the day . Nifty triggered our long trade and did not complete any target and took our SL , then triggered our short trade today and again did not complete any target indicating indecisiveness in direction .  Had mentioned in the previous post for October that 'Now Nifty spot has immediate resistance near 8735 - 8755 zone which should be watched as closing above 8755 will be crucial for further upmove' and we saw that Nifty was unable to break above this zone after breaking above 8700 for 4 sessions and again we saw Nifty test 8550 levels.   Nifty has so far held on to its August months lows of  8515 - 8500 levels and taken support . Had mentioned in October that 'If Nifty breaks below 8552 - 8522 supports and tests our next supports of 8480 - 8464 and does not sustain or close below it , then we can again see it move up to to test our resistance at 8673 - 8716 initially and above it till 8772 - 8813' and Nifty made a high of 8737 and took resistance post the correction  Incase Nifty closes below 8464 then we may see a test of 8442 - 8382 levels on the downside . IF Nifty breaks above 8755 then the next resistance is near 8772 - 8812 spot now . 

For the month of November we can expect uptrend in Nifty spot on a consecutive closing above 8691 and downtrend to continue on a consecutive closing below 8561 .

For today if Nifty spot sustains above 8638 we can see a initial move upto 8650 & on sustaining above 8653 we may see further upmove till 8676. Similarly if Nifty spot sustains below 8614 we may see a initial move on the downside upto 8601 & on sustaining below 8598 we may see a further downmove till 8576


Nifty Spot Levels for the day are

Long above 8638 for 8645 - 8653 - 8676 , SL 8622

Short below 8614 for 8607 - 8598 - 8576 , SL 8629

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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.

Sunday, 30 October 2016

Weekly Spot Outlook Of Bank Nifty for 01st to 04th November

Wishing everyone a very Happy Diwali and a prosperous Samvat 2073

BANK NIFTY

This week Bank Nifty spot went up 212 points and went down 459 points over last weeks close and finally ended the week with a loss of 155 points compared to last weekly closing . 


As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 19936 to confirm uptrend and Bank Nifty spot needed to break and sustain below 19486 to confirm downtrend for the week. Bank Nifty made a high of 19922.70 and a low of 19252.10 


This week Bank Nifty triggered our short trade and completed our initial 3 targets giving around 300+ points from the short trade  . Further downmove confirmation for this week was on breaking and sustaining below 19247 which did not get confirmed and Bank Nifty reversed to close 300 points up from the lows made. Had mentioned in the weekly post 6 weeks ago too that 'Bank Nifty has some support near 20080 levels which is also our trend continuation level for September month and once it breaks and sustains below the level it will indicate weakness in the current upmove ' . Have mentioned in the previous daily posts that 'once Bank Nifty breaks below our immediate support of 19702 - 19605 we can expect the next support of 19495 which is also our trend reversal level of September to be tested. Once it sustains below 19495 then we may see it test the next supports of 19315 - 19185 levelsIncase of a break of 19050 level Bank Nifty has a small support near 18885 - 18835 levels . We had seen Bank Nifty make a low of 18824.40 in the month of October and take support near 18885 - 18835 levels . Had mentioned in the weekly post 2 weeks ago that 'We have seen a correction now of nearly 1200+ points from our caution level of 20080 given 6 weeks ago'. Incase Bank Nifty breaks and sustains below 18825 then we can expect a small support near 18715 - 18570 levels . Had also mentioned in the previous weekly post that 'Bank Nifty has managed to hold 18835 levels on closing for the past 2 days and on continuing the same we should see a retest of 19315 - 19495 levels and above it till 19605 - 19702 levels' and we saw Bank Nifty make a high of 19922 last week and gave a move of nearly 1000 points from the lows of 18825 spot made in October . In October Bank Nifty had managed to give us a consecutive close above 19737 spot which was its uptrend continuation level but Nifty did not do the same and dragged Bank Nifty down along with it .

For the month of November we can expect uptrend in Bank Nifty Spot on a consecutive close above 19840 and downtrend continuation would be on a consecutive close below 19207 .


In the coming week Bank Nifty spot needs to break and sustain above 19759 to confirm uptrend and then one can expect a move till 19977 initially and breaking and sustaining above 20028 will give further confirmation of the next move which can take us till 20417 . Similarly Bank Nity spot needs to break and sustain below 19353 to confirm downtrend and then one can expect a move till 19135 initially and breaking and sustaining below 19084 will give further confirmation of the next move which can take us down till 18695 .


Bank Nifty Spot Levels for the week are

Long above 19682 , Tgt 19759 - 19822 - 19885

IF Bank Nifty spot manages to get a close / sustain above 19977 then 

long again for 20028 - 20214 - 20417

Short below 19430 , Tgt 19353 - 19290 - 19227

IF Bank Nifty spot manages to get a close / sustain below 19135 then 

short again for 19084 - 18898 - 18695


P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels .

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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.

Weekly Spot Outlook Of Nifty For 01st to 04th November

Wishing everyone a very Happy Diwali and a prosperous Samvat 2073

NIFTY

This week Nifty spot went up 44 points and then went down 143 points over last weeks close and finally ended the week with a loss of 55 points compared to last weekly closing . 


As per levels given for the previous week Nifty Spot needed to break and sustain above 8769 to confirm uptrend and Nifty spot needed to break and sustain below 8617 to confirm downtrend for the week. Nifty made a high of 8736.95 and a low of 8550.25 for the week.

This week Nifty triggered our short trade and completed our initial 3 targets giving around 80 points. Further down move confirmation for this week was on breaking and sustaining below 8537 which did not get confirmed and Nifty reversed to close around 80 points up from the lows made . Had mentioned in the weekly post 6 weeks ago that '8900 is our trend continuation level for September' and we saw Nifty close below 8900 indicating weakness in the current uptrend.'  and also that 'We also have a support now at 8673 below 8735 and only on a consecutive closing below 8673 we can expect a test of 8520 - 8515 levels incase of a deeper correction' and we have corrected all the way till 8506.15 in the month of October till now .  We have seen a correction of 450 points from the highs of September now. As mentioned before 'Incase of a break of 8520 - 8515 levels ,  Nifty has a small support near 8480 - 8464 levels' and ' If Nifty holds 8522 on closing then we should see a retest of 8673 - 8735 levels and above it till 8812 levels' and we saw Nifty make a high of 8736.95 this week. Nifty now has immediate resistance near 8735 - 8765 zone and breaking and sustaining above it we can see it test 8815 - 8849 levels. In October we have seen Nifty trade between our downtrend and uptrend levels of 8467 - 8755 and it did not manage to give a close below or above these levels . 


For the month of November we can expect uptrend in Nifty spot on a consecutive close above 8691 and downtrend continuation would be on a consecutive close below 8561


In the coming week Nifty spot needs to break and sustain above 8699 to confirm uptrend and then one can expect a move till 8763 initially and breaking and sustaining above 8779 will give further confirmation for the next move which can take us up till 8895. Similarly Nifty spot needs to break and sustain below 8577 to confirm downtrend and then one can expect a move till 8513 initially and breaking and sustaining below 8497 will give further confirmation for the next move which can take us down till 8382 . 


Nifty Spot Levels for the week are

Long above 8675 , Tgt  8699 - 8717 - 8736

IF Nifty spot manages to get a close / sustain above 8763 then ,

long again for 8779 - 8834 - 8895

Short below 8601 , Tgt 8577 - 8559 - 8540

IF Nifty spot manages to get a close / sustain below 8513 then, 

short again for 8497 - 8442 - 8382


P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels .

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

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.

Friday, 28 October 2016

Bank Nifty Spot Outlook for 28th October

BANK NIFTY


Bank Nifty spot opened at 19452 and made a high of 19544.20 , went down till 19252.10 before closing at 19514.60 .  Had mentioned long positions can be taken above 19560 and short positions can be taken below 19407 for the day.  Bank Nifty triggered our short trade and gave nearly 150 points from the short trade. Had mentioned in the previous post that 'Those who are holding longs should move their cbsl to 19685 spot now. Bank Nifty has been clearly outperforming the Nifty and has given a consecutive close now above 19737 but Nifty is being a laggard as it unable to break above 8755 and if Nifty fails to do so and breaks below 8649 then it can drag Bank Nifty along with it and we may see Bank Nifty test 19315 - 19495 levels ' and today Bank Nifty broke below these levels and made a low of 19252.10 but managed to close it . Also had mentioned 'Below 19315 we can see a test of 19185 - 19059 levels again incase Nifty also breaks 8550 now'. If Bank Nifty sustains above 19495 then we can see a retest of 19645 - 19730 levels .

For the month of October we can expect uptrend in Bank Nifty spot on a  consecutive closing above 19737 and downtrend to continue on a consecutive closing below 18835 . 

For today if Bank Nifty spot sustains above 19591 we can see a initial move upto 19672 & on sustaining above 19693 we may see further upmove  till 19839. Similarly if Bank Nifty spot sustains below 19437 we may see a initial move on the downside upto 19357 &  on sustaining below 19336 we may see further downmove till 19190

Bank Nifty Spot Levels for the day are

Long above 19591 for 19639 
– 19693 – 19839 , SL 19491

Short below 19437 for 19391 – 19336 – 19190 , SL 19538

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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.

Nifty Spot Outlook for 28th October

NIFTY


Nifty spot opened  at 8607.10 , made a high of 8624.85 , then went down till 8550.25 before closing at 8615.25 . Had mentioned that long positions can be taken above 8640 and short positions can be taken below 8590 for the day . Nifty triggered our short trade today and completed 2 targets giving around 40 points . Had mentioned in the previous post that 'Now Nifty spot has immediate resistance near 8735 - 8755 zone which should be watched as closing above 8755 will be crucial for further upmove' and we saw that Nifty was unable to break above this zone after breaking above 8700 for 4 sessions . Had mentioned in the previous post that ' IF Nifty does not break and sustain above or close above 8755 we may see a correction again till 8622 - 8602 levels ' and we had seen Nifty make a low of 8596.60 on Wednesday and close below 8617 which was our weekly confirmation levels for shorts . Today we saw Nifty test our expected lower range of 8550 for the expiry given yesterday before closing exactly at the same level as the previous day .   Nifty has so far held on to its August months lows of  8515 - 8500 levels and taken support . Also as mentioned in many previous posts  'If Nifty breaks below 8552 - 8522 supports and tests our next supports of 8480 - 8464 and does not sustain or close below it , then we can again see it move up to to test our resistance at 8673 - 8716 initially and above it till 8772 - 8813' Also had mentioned 'IF Nifty gives a consecutive close above 8755 along with Bank Nifty also closing above 19737 levels then we can expect higher levels' , and though Bank Nifty had given its consecutive close well above 19737 by outperforming Nifty but it fell due to Axis bank results and also dragged ICICI bank down today which was the leader in the Bank Nifty till now in this rally . IF Nifty breaks above 8755 then the next resistance is near 8772 - 8812 spot now . Now Nifty needs to break and sustain above 8622 to again test 8673 - 8716 levels. After todays expiry for October series we have actually gained just 24 points if we compare todays close to the expiry closing of August of 8592.20 & September expiry closing of 8591 .25 .

For the month of October we can expect uptrend in Nifty spot on a consecutive closing above 8755 and downtrend to continue on a consecutive closing below 8467 .

For today if Nifty spot sustains above 8640 we can see a initial move upto 8666 & on sustaining above 8672 we may see further upmove till 8719. Similarly if Nifty spot sustains below 8591 we may see a initial move on the downside upto 8565 & on sustaining below 8558 we may see a further downmove till 8511


Nifty Spot Levels for the day are

Long above 8640 for 8655 - 8672 - 8719 , SL 8608

Short below 8590 for 8576 - 8558 - 8511 , SL 8623

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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.

Wednesday, 26 October 2016

Bank Nifty Spot Outlook for 27th October

BANK NIFTY


Bank Nifty spot opened at 19581.70 and made a high of 19725.90 ,  then went down till 19434.50 before closing at 19483.60 .  Had mentioned long positions can be taken above 19920 and short positions can be taken below 19749 for the day.  Bank Nifty triggered our short trade and gave nearly 200 points from the short trade. Had mentioned in the previous post 'Now we need to see tomorrow if Nifty plays catch up as it would be difficult for Bank Nifty to continue sustaining above this level if Nifty fails to break above 8755 and Bank Nifty can get dragged down if Nifty breaks below 8649 levels' . Had been mentioning since some days that 'Incase we break the lows of 19059 of September and sustain then we have the next support now near 18975 - 18845 level '  and Bank Nifty made a low of 18824.40 and tested this level . If Bank Nifty breaks below 18975 - 18845 levels and sustains then we have a small support near 18715 - 18570 levels. Had also mentioned that 'IF Bank Nifty holds 18445 - 18975 levels then we may see a retest of 19315 - 19495 levels initially and on sustaining above it further till 19645 - 19730 resistance levels'  and we saw Bank Nifty make a high of 19744 and also give a close above 19700 last week . As mentioned in the previous post ' If Bank Nifty manages to give a consecutive close above 19737 levels then we may test higher levels till 19880 - 20020 ' and today Bank Nifty made a high of of 19922.70 and took resistance but also managed to give a close above 19737 levels again . Also had mentioned in the previous post that 'Those who are holding longs should move their cbsl to 19685 spot now. Bank Nifty has been clearly outperforming the Nifty and has given a consecutive close now above 19737 but Nifty is being a laggard as it unable to break above 8755 and if Nifty fails to do so and breaks below 8649 then it can drag Bank Nifty along with it and we may see Bank Nifty test 19315 - 19495 levels ' and today Bank Nifty tested these levels and made a low of 19434.50 and also closed within it . Below 19315 we can see a test of 19185 - 19059 levels again incase Nifty also breaks 8550 now. Also sustaining above 19495 we can see a retest of 19645 - 19730 levels .

For the month of October we can expect uptrend in Bank Nifty spot on a  consecutive closing above 19737 and downtrend to continue on a consecutive closing below 18835 . 

For today if Bank Nifty spot sustains above 19560 we can see a initial move upto 19641 & on sustaining above 19661 we may see further upmove  till 19807. Similarly if Bank Nifty spot sustains below 19407 we may see a initial move on the downside upto 19326 &  on sustaining below 19306 we may see further downmove till 19160

Bank Nifty Spot Levels for the day are

Long above 19560 for 19607 
– 19661 – 19807 , SL 19460

Short below 19407 for 19360 – 19306 – 19160 , SL 19507

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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.

Nifty Spot Outlook for 27th October

NIFTY


Nifty spot opened  at 8657.30 which was also the high for the day , then went down till 8596.60 before closing at 8615.25 . Had mentioned that long positions can be taken above 8720 and short positions can be taken below 8663 for the day . Nifty triggered our short trade today and completed 2 targets giving around 50 points . Had mentioned in the previous post that 'Now Nifty spot has immediate resistance near 8735 - 8755 zone which should be watched as closing above 8755 will be crucial for further upmove' and we saw that Nifty was unable to break above this zone after breaking above 8700 in the last 4 sessions . Had mentioned in the previous post that ' IF Nifty does not break and sustain above or close above 8755 we may see a correction again till 8622 - 8602 levels ' and today we saw Nifty test these levels and make a low of 8596.60 before closing at 8615.25 Nifty has so far held on to its August months lows of  8515 - 8500 levels and taken support . Also as mentioned in many previous posts  'If Nifty breaks below 8552 - 8522 supports and tests our next supports of 8480 - 8464 and does not sustain below it , then we can again see it move up to to test our resistance at 8673 - 8716 initially and above it till 8772 - 8813'and we saw our initial resistance levels being broken but have not managed to get a close above it . Also had mentioned 'IF Nifty gives a consecutive close above 8755 along with Bank Nifty also closing above 19737 levels then we can expect higher levels' , and though Bank Nifty had given its consecutive close well above 19737 by outperforming Nifty but it fell due to Axis bank results and also dragged ICICI bank down today which was the leader in the Bank Nifty till now in this rally . IF Nifty breaks above 8755 then the next resistance is near 8772 - 8812 spot now .Had mentioned in the previous post that those who are long should move their cbsl to 8669 spot now and we saw it being taken in the gap down today . Now Nifty needs to break and sustain above 8622 to again test 8673 - 8716 levels. Today Nifty triggered our weekly sell too and completed 2 targets. Tomorrow is the expiry for October series and if we compare todays close to the closing of August & September expiry which were at similar levels , we are close to the same level with a gain of just 24 points in this series from August and September expiry day so far with 1 day left to expiry .


For the month of October we can expect uptrend in Nifty spot on a consecutive closing above 8755 and downtrend to continue on a consecutive closing below 8467 .

For today if Nifty spot sustains above 8640 we can see a initial move upto 8666 & on sustaining above 8672 we may see further upmove till 8719. Similarly if Nifty spot sustains below 8591 we may see a initial move on the downside upto 8565 & on sustaining below 8558 we may see a further downmove till 8511


Nifty Spot Levels for the day are

Long above 8640 for 8655 - 8672 - 8719 , SL 8608

Short below 8590 for 8576 - 8558 - 8511 , SL 8623

Expected expiry range is 

Upper Range - 8680

Lower Range - 8550

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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.

Tuesday, 25 October 2016

Bank Nifty Spot Outlook for 26th October

BANK NIFTY


Bank Nifty spot opened at 19907.70 and made a high of 19922.70 ,  then went down till 19711.95 before closing at 19834.90 .  Had mentioned long positions can be taken above 19894 and short positions can be taken below 19722 for the day.  Bank Nifty triggered our long trade at opening but could not complete any target and took our SL and then triggered our short trade and again did not complete any target and took our SL . Bank Nifty was more volatile than the Nifty today as it has been outperforming the Nifty since a few days . Nifty has been unable to break above its trend continuation level of 8755 whereas today Bank Nifty has given a consecutive close above 19737 which was its trend continuation level for this month . Now we need to see tomorrow if Nifty plays catch up as it would be difficult for Bank Nifty to continue sustaining above this level if Nifty fails to break above 8755 and Bank Nifty can get dragged down if Nifty breaks below 8649 levels . Had been mentioning since some days that 'Incase we break the lows of 19059 of September and sustain then we have the next support now near 18975 - 18845 level '  and Bank Nifty made a low of 18824.40 and tested this level . If Bank Nifty breaks below 18975 - 18845 levels and sustains then we have a small support near 18715 - 18570 levels. Had also mentioned that 'IF Bank Nifty holds 18445 - 18975 levels then we may see a retest of 19315 - 19495 levels initially and on sustaining above it further till 19645 - 19730 resistance levels'  and we saw Bank Nifty make a high of 19744 and also give a close above 19700 last week . As mentioned in the previous post ' If Bank Nifty manages to give a consecutive close above 19737 levels then we may test higher levels till 19880 - 20020 ' and today Bank Nifty made a high of of 19922.70 and took resistance but also managed to give a close above 19737 levels again . Those who are holding longs should move their cbsl to 19685 spot now. Bank Nifty has been clearly outperforming the Nifty and has given a consecutive close now above 19737 but Nifty is being a laggard as it unable to break above 8755 and if Nifty fails to do so and breaks below 8649 then it can drag Bank Nifty along with and we may see Bank Nifty test 19315 - 19495 levels . 

For the month of October we can expect uptrend in Bank Nifty spot on a  consecutive closing above 19737 and downtrend to continue on a consecutive closing below 18835 . 

For today if Bank Nifty spot sustains above 19920 we can see a initial move upto 20011 & on sustaining above 20034 we may see further upmove  till 20197. Similarly if Bank Nifty spot sustains below 19749 we may see a initial move on the downside upto 19659 &  on sustaining below 19636 we may see further downmove till 19473

Bank Nifty Spot Levels for the day are

Long above 19920 for 19973 
– 20034 – 20197 , SL 19809

Short below 19749 for 19697 – 19636 – 19473 , SL 19861

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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.

Nifty Spot Outlook for 26th October

NIFTY


Nifty spot opened  at 8721.70 and made a high of 8722.65 , then went down till 8663.45 before closing at 8691.30 . Had mentioned that long positions can be taken above 8738 and short positions can be taken below 8680 for the day . Nifty triggered our short trade today and missed completing the 1st target by less than 0.50 points . Had mentioned in the previous post that 'Now Nifty spot has immediate resistance near 8735 - 8755 zone which should be watched as closing above 8755 will be crucial for further upmove' and today again Nifty was unable to break above this zone and made a high of 8722.65 and took resistance for the day . Nifty had managed to close above 8700 yesterday but closed below 8700 today . Nifty has so far held on to its August months lows of  8515 - 8500 levels and taken support .  Had also mentioned in the previous posts  'If Nifty breaks below 8552 - 8522 supports and tests our next supports of 8480 - 8464 and does not sustain below it , then we can again see it move up to to test our resistance at 8673 - 8716 initially and above it till 8772 - 8813'and we saw our initial resistance levels being broken but have not managed to get a close above it . Also as mentioned 'IF Nifty gives a consecutive close above 8755 along with Bank Nifty also closing above 19737 levels then we can expect higher levels' , today Bank Nifty has given its consecutive close well above 19737 and has been clearly outperforming the Nifty . Now we need to see if Nifty breaks and sustains above 8755 spot .  Next resistance is near 8772 - 8812 spot now .Those who are long should move their cbsl to 8669 spot now as mentioned in the previous post . IF Nifty does not break and sustain above or close above 8755 we may see a correction again till 8622 - 8602 levels  .


For the month of October we can expect uptrend in Nifty spot on a consecutive closing above 8755 and downtrend to continue on a consecutive closing below 8467 .

For today if Nifty spot sustains above 8720 we can see a initial move upto 8750 & on sustaining above 8758 we may see further upmove till 8813. Similarly if Nifty spot sustains below 8663 we may see a initial move on the downside upto 8632 & on sustaining below 8625 we may see a further downmove till 8570


Nifty Spot Levels for the day are

Long above 8720 for 8738 - 8758 - 8813 , SL 8682

Short below 8663 for 8645 - 8625 - 8570 , SL 8700

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