NIFTY
- Resistance at 10050 and Support at 9800.
- Breaking either level in the first week will decide the trend for the month.
- Result season over, only world news will have impact in Nifty.
- US market will continue the consolidation on September - with negative bias.
- Nifty Aug high 10138 should break with volumes for strong trend.
- Option data shows a range of 240 points from 9900 levels i.e ( 9660 on lower side and 10140 on higher side, which matches Aug high and low.)
- Look to buy around 9685(Aug low) will be a good risk-reward trade.
Nifty monthly chart.
- Rsi (14) crossed below 70. August low is very important point. we have to see how Nifty behaves when it reaches around 9680 level, to decide there is go to be sell off or good time to buy.
- Other indicators and moving averages shows no sign of weakness.
We have to keep in mind the above levels while we look into day and weekly chart in September 2017.
Good Luck,
Yours
Zen Trader.
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