Dated :- 19.06. 2016                                 NIFTY SPOT : 8170.05

Hi,

Readers,

Nifty moved exactly as was mentioned in my previous blog dated June 12, 2016.

Wherein it was mentioned that Nifty can rebound from 8038 around levels, because Nifty was not expected to break 8038 easily.

In spite of US FED decision during the week Nifty respected the support level and made a low of 8063 and tested that low thrice during the volatile week. Nifty kept on holding the belt and rebounded every time from there and closed at 8170.

Interesting things happen in the markets. Last week also we were at 8170 (Weekly closing) this week also we are standing at 8170 dot at same point. And very important market moving event i.e. US FED policy meet  passed through the week.

Now What :-

Now last week I wanted to buy for once for rebound. Because I was expecting 8038 to hold and give rebound. That happened.

Now read the following lines carefully :-

From now onwards I will not be a buyer on positional basis.

But yes for intraday period I will look for buying opportunity also which may come due to volatility.

Now onwards I would be a willing seller on rise.

I will be looking for selling opportunities on rise both for intraday and positional basis.

Also, I would like to mention here, that, most of the technical indicators are showing that Nifty wants to move up up and up. Those technical indicators are further strengthened by the bullish inverted head & Shoulder pattern made by Nifty which is showing the target of 9200.

Readers would be remembering that I have already written in my earlier blog that I am not giving much weight age to this pattern as of now. Because it has to prove itself first.

My special indicators are indicating that it is not that easy. It may be hard to believe for readers but I am writing what my special indicators are saying. Till the time they do not turn up and give bullish signals My view will be the same. Thus, be care full if you are ultra bullish like most of the people on the street are.

Because,

As per my analysis intermittent top is not far away.

I would not like to mention levels because of National and International news events such as BREXIT etc.

Trade Accordingly.