Dated :- 24.02.2014 (MONDAY)

                                                       NIFTY  Spot :   6186.10

Hi,

Readers,

Nifty did exactly the same as was predicted in my earlier blogs.

Nifty ultimately filled the gap at 6188 today. Which I had been mentioning in my earlier blogs that Nifty will try to fill this gap. Nifty made a high of 6192 today.

It was also mentioned in my previous blog on Dated Feb 23, 2014(yesterday) to book complete profits in all the long positions on Feb 24, 2014 (i.e. today) and enjoy the profits & step aside.

Now Nifty is standing in front very strong resistance of 6200-6230.

Now from here on Nifty will be very vulnerable to sudden and sharp correction.

Enjoy the profits and even look for selling opportunities in Nifty during intraday.

Dated :- 23.02.2014 (SUNDAY)

                                                       NIFTY  Spot :   6155.45

Hi,

Readers,

Nifty did exactly the same as was mentioned in my previous blog.

It was clearly mentioned that Nifty will try to fill the gap in the charts at 6188 to 6260 levels.

It was also mentioned that trade is coming and try to trail the trade with some quantity.

Importance of 6120 level was also explained in my previous blog.

I hope readers would have enjoyed the profits.

Now what :-

Remember even till now the overall trend of Nifty is down.

Readers would have been holding part long and enjoying the profits.

See, I have also explained many times earlier that once you identify a trade & enter in that trade, it is a crime if the ultimate outcome is loss. If somebody ultimately books loss in that trade than this market is not for that person.

Nifty may try to fill the gap of 6188 to 6260. May or may not succeed.

Nifty has major resistance at 6200 – 6230 levels.

It is recommended to book profits on Monday and step aside.

Booking profits never hurts.

Why to book profits. Because overall trend is still down. And now Nifty is approaching the area where trend will be questioned. And if trend persists (which is expected) than correction will be very pain full.

Till the time trend is not reversed trend is down, it is simple technical analysis.

Even though, there is good bullish Head & Shoulder pattern in the making on hourly charts. Breakout of which is above 6165. But it is only professional traders who understand the technicals can play it. Because targets of this bullish head & shoulder pattern is good one and will even question the trend. But trend till the time not reversed it is down.

Better safe than sorry.

Since I write the blog at the end of the day. Any sudden & reverse movement during the day would be very pain full. Because head & shoulder patterns whenever they fail the movement is very sharp.

That is why it is recommended to book profits and step aside.

For those who understand the technicals and are professional traders who want to ride the bullish head & shoulder pattern. Stop loss for the trailing long position is 6086 as of now. And gradually increase it further.

Expiry is also on Feb. 26, 2014. And it is a truncated week.

Volatility will be there or Nifty will be very dull.

Book profits and step aside and wait for next move to come.

Till then enjoy the profits.

Dated :- 16.02.2014 (SUNDAY)

                                                 NIFTY  Spot :   6048.35

Hi,

Readers,

Nifty did exactly the same as was mentioned in my previous blog.

It was mentioned that any rise should be used to sell and earn profits.

This sell on rise strategy yielded profits. May be small.

It was also mentioned that further downside in Nifty will open only and only if Nifty gives two days close below 5990.

Nifty touched this level two times in last week and rebounded from there and did not closed below 5990. This shows the importance of 5990 level.

This level of 5990 is very important for line charts in Nifty.

Now What :-

Overall trend of Nifty is down.

However as of now Nifty is in a range.

Broader range 5950 to 6350.

Till Nifty is below 6120, Nifty will be inclined to come down. And on lower side 5990 will be the first target and only close below 5990 further downside will open.

In the coming days Nifty has resistance at 6120-6220-6270 and support at 5990-5900-5820.

In coming days 6120 level of Nifty is very important.

Above 6120 it does not mean that Nifty will be up. It only means that above 6120 Nifty may give small trade of few points on up side.

Why charts are saying that above 6120 Nifty may go up few more points ?? Answer is because there is a gap in Nifty between 6188 to 6260 level.

Whenever after giving breakdown with gap Nifty goes in range. It tries to touch that gap again. It is separate issue that whether it succeed in that or not. That effort of touching the gap will become due once it goes and stays above 6120.

Chart patterns are showing that tradable move in Nifty is due and can come any time. Low and small trading ranges are about to give good tradable move.

Thus it is recommended to trail some quantity with small trailing stop loss on either side. Taking into consideration that 6120 and 5990 level. 

Dated :- 09.02.2014 (SUNDAY)

                                                       NIFTY  Spot :   6063.2

Hi,

Readers,

Nifty stood at virtually the same level as of last week.

Nifty is trading volatile but the readers of this blog would have been enjoying the profits made last week.

Nifty is basically digesting its more than 400 point move.

Now what :-

Overall trend of Nifty is down.

Currently Nifty has rebounded from oversold levels.

This rebound should be viewed as rebound only.

One should always try to play in the direction of the trend.

Technically the trend is down and any opportunity to sell, on rise should be used to earn profits.

Two days closed below 5990 will open the downside targets again.

In the coming days Nifty has resistance at 6150-6220-6270 and support at 6000-5900-5820.

Trade accordingly.