Dated :- 27.03. 2016                                 NIFTY SPOT : 7716.50

Hi,

Readers,

Nifty moved as expected and as was mentioned in my previous blog.

Wherein it was mentioned latest by Monday or 7680 level which ever is earlier I would not be a buyer. Nifty made a high of 7700+ on Monday and after that in next two days daily it showed intraday corrections.

Now What :-

View is more or less the same as was mentioned in my previous blog. The only small difference is that the resistance area has shifted on the up side by 15-20 points (Previously 7608to 7823 now 7661 to 7842). Which is a minor variation and given also.

I still believe that I would not be a buyer in Nifty. As per my analysis correction should be near by. Thus, I would like that correction to come first or let my charts give buy signal.

I am again repeating my lines from previous blog : Overall in few days time I still maintain that on my charts 7661 to 7842 is expected to act as major resistance area and major tussle area. That area will be the real test of this movement of Nifty. Till that area is not taken out decisively on closing basis I do not expect Nifty to stand up.

Frankly I want Nifty to take resistance in my this resistance area and start correction to 7427 or below levels. That would be the ideal situation for Nifty.

Trade Accordingly.