Nifty Technical View as on 31.08.2016
-------------------------------------------------------------------------------------------------------------------------
1) Stop and Reverse : As per S&R nifty is in Uptrend and the Bull wave continues.8624 holds teh key level from SAR point of view. LAst month nifty was range bound with no clear direction.on the upper side 8689 on a closing basis was the key level, on the lower side 8540 was the key. Expiry was jackpot for the bears as (8600 PE) 1.5 Rs Put closed at 8 Rs and at one point it went to 18 and back to 0.80 and again bounced and closed to 8.
Daily SAR > 8624 is the key level on a closing basis ..8557 is the best support.
Weekly SAR > 7979 is the weekly level for the Bulls to be broken on weekly close basis
Monthly SAR>> SAR for monthly was 8744 which today got triggered and on monthly basis last time the sell got triggered was in jan 2016 wherein nifty closed below 7720 (monthly close was 7562) which further dragged nifty to 6833 level in hte next month..SAR shifted to 8748 for Bears on monthly close level..Today the SAR got triggered and nifty is in Monthly Buy level...should take to 8893-9067-9138 further towards 10460........The support needs to be watched on weekly and monthly basis.
Below is the Pictorial view to understand better the movement of NIFTY_BULLWA with immediated support at 8723 further 8689...on the higher side 8846 will take nifty to 8889 -8914 -8936 further 8966 and 8994..below is monthly Chart
Daily charts with key levels>>
COMING SOON........................www.niftymantra.com
Disclaimer :Above views are from study point of view and not a trading call
