Dated :- 28.08. 2016                                 NIFTY SPOT : 8572.55

Nifty has given breakdown as expected and as was mentioned in my previous blog.

Nifty broke below 8598 and is staying below that.

Readers would be remembering that it was clearly mentioned in my previous blog that, I feel, that, Nifty will break the range on the down side rather than on upside. Same happened.

Now What;

Now the short positions in Nifty should be held with the stop loss of 8702 closing basis.

However I would like to add here is that Nifty is slow in falling further after it broke 8598.

This breakdown has come after a long consolidation. It should have clear follow up on the down side.

Ideally Nifty should come further down in coming days. If by chance it denies to come down then we will be open to the idea of  closing the short positions and step aside.

Trade Accordingly

This blog is updated again because in previous blog Nifty level on the top was mistyped. Correct level is 8572.55 but in the was mistyped as 8666.90. That is why blog is updated again immediately.

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Note :- All Levels are Nifty spot levels always.