Dated :- 30.01. 2016                                 NIFTY SPOT : 7563.55

Hi,

Readers,

Nifty moved exactly as was mentioned by me in the previous blog dated Jan. 23, 2016.

Nifty stayed within very tight range in all days till Thursday and daily it was testing 7480 an important level mentioned in my previous blog. On Friday  as expected Nifty moved up and once it broke the level of 7480 conclusively it took off and closed at 7563.

Overall Nifty stayed in the range mentioned in my previous blog respecting the levels mentioned in that.

Now What :-

Once Nifty has crossed 7480 comprehensively then the next possible levels for Nifty are 7650 to 7700. In case of run through move to 7700 Do not try find fresh buying possibilities around & above 7700 because that may not be the right time.

Nifty has made morning star pattern on weekly charts which is considered bullish reversal pattern. But, as per me the quality of that morning star pattern is low. Thus, I would not give much importance to that pattern as of now and would give more stress to other patterns and indicators.

On the downside 7400 will remain important support level and till this 7400 is protected for next week Nifty will remain buy on decline i.e. for next 3-4 trading sessions.

Trade accordingly.