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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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.