September 2014 Series - Begins with a bang !!!

The September 2014 series of Nifty starts with a bang closing above 8k levels today which is a life high close after four consecutive months of higher closing levels. The previous month range gives indication of Nifty having strong support @ 7575 levels with an immediate short term support @ 7865. Levels of 8100-8200 can be expected by bulls in this series with reversal pegged at 7865 levels for the month of September on closing basis. It is buy on dips scenario now.  Bears need to wait till Nifty does not close below 7865 to initiate fresh shorts !!!