Dated :- 07.08. 2016                                 NIFTY SPOT : 8683.15

Nifty has bounced back again.

It was becoming visible that Nifty may rebound sharply as it was refusing to break 8480 on the lower side.

It has taken multiple supports roughly 5 times between 8476 to 8530.

Which gives the signal that 8480 is holding.

These are the points when technical's helps taking decision and keeps you on the right side of the trade.

See, when the indicators which were showing sell signal were at there extreme power in that time also if Nifty refuses to fall then there is no point keeping short position, because those are the sweet points of short covering.

Same happened.

Readers were able to exit from the short position in time and that too in small to minor profits. Timely decision and acting on that is important.

Now what -

Now till the time Nifty is holding 8480 it is expected to be in consolidation zone. Broader Range is expected to be around 8500 to 8787.

Now, till the time Nifty is above 8595 it is expected to trade with bullish bias and it would try to touch 8787 around levels i.e. the upper side of the range.

Till 8598 is holding trade will bullish bias and if 8598 breaks then expect Nifty  to be in a range between 8500 to 8750.

Trade accordingly.

Note :- All Levels are Nifty spot levels always.