Dated :- 04. 03. 2015

                                                                      NIFTY SPOT : 8922.65

Hi,

Readers,

Happy Holi to all the readers.

Nifty after making all time high of 9119.2 today fell from there throughout the day and closed at 8922.

Thus giving a clear signal that it is not sustaining at all time highs.

Readers must be remembering my previous blog dated March 01, 2015 wherein it was clearly mentioned that any rally from here in Nifty may prove to be last move before any serious correction may setin. Let me quote my previous blog:-

Quotes of my previous blog dated March 01, 2015 were  “Also do not forget that Nifty is still making –ve divergence on Daily and weekly charts. Which is indicating that the time is not too far when some reasonable correction may setin. Which also indicates that any rally from here may prove to be last move and after that good and meaning full and deep correction can be expected.”

These kind of falls are normally backed by serious selling and that too delivery based. The top made in these kind of selling climax has the power to remain as top for a good period of time. Time will tell.

Those who have not booked out full profits from longs created above 8950 by now, they must book out and close the long positions in Nifty. There is no justification at all for any long position in Nifty.

Even professional traders can also short sell Nifty, although Sell signal in Nifty was generated during the day but readers of the blog can only be updated at the end of the day. Nifty is a sell with an initial stop loss of 9048 in Nifty closing basis. There is a high probability of intermediate top being made in Nifty. Confirmations of the same will come in days to come.

Follow through of such sell offs is normally required. If this sell off also gets the follow through tomorrow then it will be a good sign.

Enjoy the profits and trade accordingly.