Dated :- 22.05. 2016                                 NIFTY SPOT : 7749.70

Hi,

Readers,

Nifty moved exactly as was mentioned by me in my previous blog dated May 15, 2016.

It was mentioned that the earlier breakdown last week seemed to be false one and in the absence of follow through on Monday (May 16 2016) Nifty will bounce.

Same happened Nifty bounced back and made a high of 7940.

Now What :-

Now, Nifty has again given breakdown. And in this breakdown 7880 on the upside and 7670-7650 on the down side will be important levels to watch.

This week is going to be important week for our markets. And also for global markets.

Frankly I would like to watch the movement of Nifty around 7670 plus minus few points. Because this level can force a sharp and surprise rebound also. Although, it is not confirm on charts that, whether that rebound will come or not, that is why, I am saying that I would like to watch Nifty movement around that level.

Another important thing is that in coming week I am expecting full body candle either Green or Red. Means in this week I am expecting reasonable move on one either side.

In the current week we have expiry also. And we have introduction of new weekly options contract of Bank Nifty from May 27, 2016.

Trade accordingly.

  

Note :- All levels mentioned are Nifty spot always.