Dated :- 20.09. 2015

                                                                    NIFTY SPOT : 7981.90

Hi,

Readers,

Nifty moved up as mentioned by me in my previous blog dated Sept 13, 2015.

It was clearly mentioned that once Nifty closes above 7850 next target shall be 8000.

And the same happened Nifty made the high of 8055 on Friday and closed just below 8000 at 7981.

Now What :-

Now as far as the charts are concerned they are indicating that Nifty is expected to be in a range and want to consolidate. Range is expected to be broadly in the range between 8090 to 7730.

Apart from many other indicators Bollinger Band on daily charts is also indicating that it wants to squeeze in the days to come, which also shows that consolidation is expected.

Till 7660 is protected, This rebound in Nifty has the potential to even touch 8200+ levels on the upside in days to come preferably after consolidation.  

Let me repeat again like last week that As far as charts are concerned they are still indicating, that, till 7660 is protected comprehensively, there is no need for any panic as of now. Some midcaps have also started showing that they do not want to go down further immediately and want some relief(rebound). Looking at the charts of those midcaps one gets the sense that till Nifty is within the range Midcaps can be in action.

Just for information Nifty has closed at very interesting point on Friday. On the one hand it has given the breakout of ISLAND Reversal pattern above 7930 which is considered bullish and is a rare pattern. And on the other hand it has formed a shooting star like pattern on Daily Candlestick charts which is considered bearish. But just to add ISLAND Reversal pattern is not made on BSE.

Trade accordingly.