Nifty spot opened at 8556.05 and made a low of 8555.90 , then went up till 8685.15 before closing at 8677.90 . Had mentioned that long positions can be taken above 8546 and short positions can be taken below 8495 for the day . Nifty triggered our long trade at opening and completed all our 3 intraday targets and also triggered our weekly longs and nearly completed our 3 initial weekly long targets too giving around 130 points from the long trade . In the previous session Nifty had triggered our weekly shorts but had not given a close below 8518 which would have confirmed the short trade as mentioned which was an indication that maybe we would not go down further immediately . Also as mentioned previously "Nifty had been taking support near 8515 - 8500 levels in the entire month of August & has managed to take support near 8550 levels in the month of September , so one can expect good support in the zone of 8552 - 8522" , which was tested the previous day but Nifty had held on to its August month lows . Had also mentioned in the previous post too '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 today we saw Nifty test 8673 - 8716 zone and also close within it today after closing at 8520 in the previous session after being unable to break below 8500 . IF Nifty gives a consecutive close above 8755 along with Bank Nifty also closing above 19737 levels then we can expect higher levels . Now Nifty has resistance near 8735 -8755 zone which should be watched as closing above 8755 will be crucial for further upmove.
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 8707 we can see a initial move upto 8737 & on sustaining above 8744 we may see further upmove till 8799. Similarly if Nifty spot sustains below 8649 we may see a initial move on the downside upto 8619 & on sustaining below 8611 we may see a further downmove till 8557
Nifty Spot Levels for the day are
Long above 8707 for 8724 - 8744 - 8799 , SL 8669
Short below 8649 for 8632 - 8611 - 8557 , SL 8687
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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.