Dated :- 19. 07. 2015

                                                                    NIFTY SPOT : 8609.85

Hi,

Readers,

Nifty moved exactly as was mentioned by me in my previous blog.

It was clearly mentioned that for the week (July 13 to July 19):-

My special strategies are indicating that 8402 to 8423 is a trend decider for coming week. And it was also mentioned that Nifty will move 150-200 points or more on one side in next 5 – 10 trading sessions.

Same happened.

Nifty moved around 300 points on up side. And as soon as it crossed 8423 it never looked back and moved up run through.

Now What :-

Overall view is still the same as was mentioned in my earlier blogs.

Now for the mean time it may be the prudent strategy to step aside from the positions in Nifty and watch what Nifty is doing in next week.

Nifty is very near to the 61.8% Fibonacci retracement level which is at 8670 of its fall from 9119 to 7940.

Also I would like to mention here is that Nifty has already done 127.8% Fibonacci retracement of its fall from 8489.55(May 22, 2015) to 7940 low made on June 12, 2015. And 138.2% Fibonacci retracement of the same is at 8698.

 Now the further 150 points to 8750 are very critical as I have been mentioning continuously in my earlier blogs.

If Nifty crosses and stays above 8750 comprehensively then only we will think that Nifty may well be reversing its trend on the upside again. It will be decided by the chart patterns at that time.

But Till Nifty is below 8728 (Weekly Closing Basis) the overall trend in Nifty is considered to be sell on rise.

Till now even the intermediate up move of Nifty on upside was clearly mentioned in the blog in advance.

But, for now, since, next 150 points are going to be very crucial, Nifty may face massive multiple resistance. It is better to step aside and wait and watch.

OR in case Nifty decides to break the levels with the bang then even a sharp rally can not be ruled out. But for now chances of such a scenario of run through move are very less.

Trade Accordingly.

Now Let me show Nifty chart which is very interesting. Chart Attached :-

Chart Showing Both head & Shoulder Patterns

It is showing that Nifty has already given Breakdown of one Bearish Head & Shoulder pattern and Now it has made one Bullish Head & Shoulder pattern. Interesting fact is that BOTH are valid till now and Nifty is standing just at the neck line of both in Daily Candle Chart.

For Clarity :- 

“S” is Shoulder

“H” is Head.