Dated :- 17.01. 2016                                 NIFTY SPOT : 7437.80

Hi,

Readers,

Nifty moved exactly as was mentioned by me in my previous blog dated Jan. 10, 2016.

Wherein it was mentioned that more lower levels in Nifty are coming.

Same happened Nifty kept on falling and made a low of 7425.

It was also mentioned that it is a special pattern and in this pattern Nifty will keep on falling run through and it will not bother for oversold situation. Look, the same happened Nifty did not cared at all of the oversold situation.

It is all GOD’s grace.

I still maintain Nifty continues to be sell on rise and final lows are still pending. May sounds scary but it is the fact.

More music is pending.

If I say in polite and soothing words then 7000 and below level are pending to be achieved in next couple of months.

It was also mentioned that after first few days of fall in the previous week Nifty would want a relief/rebound and the same happened we had fast rebounds of 200 points and 150 points on Wednesday and Thursday respectively in last week. Although both rebounds end up being intraday The indicators wanted relief they got that in the shape of those relief rallies. Previous week’s low was made on Tuesday only i.e. 7425 and when nifty fell again on Friday after rebounds it touched 7427. In any case in run through falling markets rebounds has the habit of lasting for two or two and half days. Nifty did the same in its own style.

Now What :-

Now as I always say “Profit Who HAi jo Ghar Aa Gaya”.

I believe that it is the time that short positions should be closed for once on Monday and step aside (on Monday Nifty is expected to come down). Around 7350 it is ideal level to book full profit but one should not be rigid with a particular level of dot 7350. This 7350 means around 7350, it is an indicative level. On Monday 7350 may or may not come, In any case short position should be closed on Monday.

Although the targets for this move was expected to be 7258. But one should not wait for the exact levels. This market does not always oblidge pin pointed levels.

Although Nifty will stabilize for once at and around levels mentioned above but I do not want to pre decide the level to predict.

One thing which can be done is to look for relief/rebound around 7260 if at all that comes. The timing of the relief/rebound before 7260 comes will be decided during the live markets during the day. I do not want to predict that level in advance because one should not try to do that. Just play as the charts say.

Enjoy the profits.

Trade accordingly.