Dated :- 15.08. 2016                                 NIFTY SPOT : 8672.15

First of all

'HAPPY INDEPENDENCE DAY TO ALL'

I do not thing that any other day can be bigger than this day for any INDIAN.

PROUD TO BE INDIAN.

Nifty is moving within the range of 8500 to 8750 as expected.

Nifty is consolidating around 8600 levels till now.

Now What -

Nifty has made double hanging man pattern on weekly charts.

Together with the placement of indicators it is indicating that now the time has come for Nifty to take a move.

To take benefit of that move one should keep an eye on the levels. Levels are 8728 on the upper side and 8598 on the lower side (the actual level is 8570 but since it will keep on increasing in a day or two it will reach to 8598).

Further narrowing down the range on immediate basis to 8630 and 8680 which will guide that which side of the market one has to be.

Tomorrow's day is very important for Nifty It requires a close above 8702 minimum to stay holding long positions (one can give a leverage of one more day). If it does not happen then one should not have urge to buy till it crosses 8702  again. In that case Rather expect Nifty to trade with -ve bias till it crosses 8702 again.

And on the other side look for selling possibilities below 8598-8570.

Let me share my observation of charts with you.

Since Nifty crossed 7800, till now it is doing one very interesting thing.

Which is that, it has always taken support dot i.e. dot at the support levels that too on the first support level and moved up again from there.

It has never even tried to break any support levels. Not breaking supports is ok but taking support dot at the support level always is not such thing which one should take lightly.

This indicates that sooner or later this thing is going to violate and in that down move will be more that the first imagination, you will find Nifty shedding 300-400 points in short period of time.

Also have a look at Nifty Mid Cap index 50. It was making bearish rounding top formation and few days ago it broke that pattern on the up side.

Bullish breakout.

But it do not have a follow through after that, it is standing above the breakout point and consolidating there. Keep an eye on that it will give good feed for analysis that which side of the trade one should be. Because if it does not sustain and hold the breakout and starts falling than it can be ugly and painful for traders.

 Note :- All Levels are Nifty spot levels always.