Dated :- 21. 06. 2015

                                                                     NIFTY SPOT : 8224.95

Hi,

Readers,

Kudos again.

Nifty rebounded exactly as was mentioned by me in my earlier blog dated June 14, 2015.

Nifty made a high of 8250.80 and closed at 8224.95.

Now What :-

Now this is the point where full profits in long positions should be booked and step aside and enjoy.

Let me further elaborate the analysis on Nifty :-

Overall Nifty is sell on rise, as I have been continuously mentioning throughout. And I still maintain, that, the lower levels hinted by me in my earlier blog stand as it is.

Also readers should remember that Nifty gave bearish Head & Shoulder pattern breakdown around 8380. Now that pattern will be failed if Nifty give weekly close above 8490. Bollinger Band upper line on daily charts is also at 8470.

Now people will also start talking about dead crossover of moving averages on daily charts.

Nifty is continuously staying below 200 DMA. Which is at 8360.

Thus going by the above technical parameters and taking into account other technical indicators including Fibonacci levels. Between 8260 to 8490 there are cluster and cluster of resistances for Nifty at various levels.

Nifty has also left bullish gap between 8185 to 8195 on Friday and now Nifty is standing at 8224. As per my analysis there is high probability that this gap on Nifty chart will not remain as it is and has to be filled sooner or later by Nifty.

Thus it is better to book profits in long positions in Nifty and allow it to settle down and wait from the sidelines to see how Nifty is behaves and where it actually takes resistance. More expectations are that Nifty will face first resistance from the current levels to 8340.

Do not get carried away with this rebound. This should be treated merely as technical rebound.

The coming week is expiry week also, thus expect volatility.