Dated :- 02. 08. 2015

                                                                      NIFTY SPOT : 8532.85

Hi,

Readers,

Nifty ended this week at almost the same level of last week. Last week it was at 8521 and this week it is at 8532.

Last week Nifty moved as was mentioned in my previous blog wherein it was mentioned that it will face too much resistance at around 8670 levels and below 8480 Nifty is bearish and below 8280 there is a breakdown in Nifty.

Accordingly Nifty fell below 8480 and went to 8321 giving opportunity to traders to make money by selling Nifty. Important thing here is that Nifty did not breach 8280 which was breakdown level for Nifty as was mentioned in my previous blog. And in the later half of the week Nifty rose again and went up sharply to close again at 8532.

Now What :-

In spite of the fact that Nifty is doing some things which has started looking good on the charts. I will still say that my view is the same as I have been mentioning continuously in my many previous blogs. That, consider this Nifty to be sell on rise till it does not give weekly close above 8730 comprehensively.

Why so, that in spite of the fact that Nifty has started doing some things which has started looking good on the charts but still my view is same :-

Because the things Nifty is doing are only in initial stages and one should not get carried away with small moves by Nifty for determination of trend in Nifty. Those small attempts of Nifty to look good are not enough till now, and, all the indicators and chartical reasons which proved that Nifty is sell on rise, till now, have not yet changed and are standing as it is.

Nifty has given a gap up opening in this week(July 30,2015) at 8380. This gap is very important at current juncture.

Now at this point, Nifty is not giving any signal of short selling Nifty. And, Since, our view is that Nifty is sell on rise till weekly close above 8730. We are not interested in buying it either. Although their are buying opportunities available for a small profits which can be taken in intraday basis on smaller time frame charts.

Now, the sign of weakness is coming below 8350 and till then wait and watch and play for small profits. In coming days Nifty will eventually decide what it wants to do.

Resistance levels are same as mentioned in previous blog 8670 and 8730.

Support levels are at 8350 and 8280. Below 8280 there is a breakdown in Nifty.

We are waiting for Nifty to either change the trend to up side or go below 8350. OR to make any new pattern. Till then play for small points(both sides) in Nifty and be stock specific.

In the current week we have RBI policy also which is an important market moving event. Thus keep an eye on that also.

Trade accordingly.