Dated :- 28.08. 2016                                 NIFTY SPOT : 8572.55

Nifty has given breakdown as expected and as was mentioned in my previous blog.

Nifty broke below 8598 and is staying below that.

Readers would be remembering that it was clearly mentioned in my previous blog that, I feel, that, Nifty will break the range on the down side rather than on upside. Same happened.

Now What;

Now the short positions in Nifty should be held with the stop loss of 8702 closing basis.

However I would like to add here is that Nifty is slow in falling further after it broke 8598.

This breakdown has come after a long consolidation. It should have clear follow up on the down side.

Ideally Nifty should come further down in coming days. If by chance it denies to come down then we will be open to the idea of  closing the short positions and step aside.

Trade Accordingly

This blog is updated again because in previous blog Nifty level on the top was mistyped. Correct level is 8572.55 but in the was mistyped as 8666.90. That is why blog is updated again immediately.

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Note :- All Levels are Nifty spot levels always.

 Dated :- 28.08. 2016                                 NIFTY SPOT : 8666.90

Nifty has given breakdown as expected and as was mentioned in my previous blog.

Nifty broke below 8598 and is staying below that.

Readers would be remembering that it was clearly mentioned in my previous blog that, I feel, that, Nifty will break the range on the down side rather than on upside. Same happened.

Now What;

Now the short positions in Nifty should be held with the stop loss of 8702 closing basis.

However I would like to add here is that Nifty is slow in falling further after it broke 8598.

This breakdown has come after a long consolidation. It should have clear follow up on the down side.

Ideally Nifty should come further down in coming days. If by chance it denies to come down then we will be open to the idea of  closing the short positions and step aside.

Trade accordingly.

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Note :- All Levels are Nifty spot levels always.

 Dated :- 21.08. 2016                                 NIFTY SPOT : 8666.90

Nifty is moving in the range between 8598 to 8702 as was mentioned in my previous blog.

On closing basis it respected the smaller range mentioned by me of 8630 to 8680.

It was mentioned in my previous blog that first day of the previous week was very important. If Nifty could not close above 8702 in that case expect Nifty to trade with -ve bias. Same happened. Nifty did not closed above 8702 on first day of previous week and thus traded with -ve bias throughout the week.

Another important thing I would like to highlight to the readers is that Nifty is making very important patterns -

1.  On weekly charts there is three hanging man pattern. With the fact that the last hanging man (i.e. of the last week) is also insider hanging man to the previous week. In other words last hanging man is insider bar also. It is a very rare pattern and important also.

2. On daily charts Nifty is making diamond pattern. Which is also very important pattern.

Thus, the combination of the two patterns together with other signals gives clear signal that the range between 8702 to 8598 is now become more important.

Expect a good trading move on break of this range on either side comprehensively on closing basis.

I would also like to add here, that, in case if Nifty breaks this range on down side than the quality of  that breakdown will be comparatively better than to the breakout on up side.

Now What -

As mentioned above Nifty has made triple hanging man pattern on weekly charts and diamond pattern on daily charts.

Together with the placement of indicators it is indicating that now the time has come for Nifty to take a move.

To take benefit of that move one should keep an eye on the levels. Levels are 8702 on the upper side and 8598 on the lower side on closing basis.

Further narrowing down the range on immediate basis to 8630 and 8680 which will guide that which side of the market one has to be.

Expect Nifty to break the range in coming week. Which will be the opportunity to trade also. I feel that it will be better for the market and Nifty itself to break the range on the down side to complete its path.

I am again mentioning here my observation which I mentioned in my previous blog also ;-

Observation -

Since Nifty crossed 7800, till now it is doing one very interesting thing.

Which is that, it has always taken support dot i.e. dot at the support levels that too on the first support level and moved up again from there.

It has never even tried to break any support levels. Not breaking supports is ok but taking support dot at the support level always is not such thing which one should take lightly.

This indicates that sooner or later this thing is going to violate and in that case down move will be more that the first imagination, you will find Nifty shedding 300-400 points in short period of time.

Also have a look at Nifty Mid Cap index 50. It was making bearish rounding top formation and few days ago it broke that pattern on the up side.

Bullish breakout.

But it do not have a follow through after that, it is standing above the breakout point and consolidating there. Keep an eye on that it will give good feed for analysis that which side of the trade one should be. Because if it does not sustain there and hold the breakout and starts falling than it can be ugly and painful for traders.

Note :- All Levels are Nifty spot levels always.

 Dated :- 15.08. 2016                                 NIFTY SPOT : 8672.15

First of all

'HAPPY INDEPENDENCE DAY TO ALL'

I do not thing that any other day can be bigger than this day for any INDIAN.

PROUD TO BE INDIAN.

Nifty is moving within the range of 8500 to 8750 as expected.

Nifty is consolidating around 8600 levels till now.

Now What -

Nifty has made double hanging man pattern on weekly charts.

Together with the placement of indicators it is indicating that now the time has come for Nifty to take a move.

To take benefit of that move one should keep an eye on the levels. Levels are 8728 on the upper side and 8598 on the lower side (the actual level is 8570 but since it will keep on increasing in a day or two it will reach to 8598).

Further narrowing down the range on immediate basis to 8630 and 8680 which will guide that which side of the market one has to be.

Tomorrow's day is very important for Nifty It requires a close above 8702 minimum to stay holding long positions (one can give a leverage of one more day). If it does not happen then one should not have urge to buy till it crosses 8702  again. In that case Rather expect Nifty to trade with -ve bias till it crosses 8702 again.

And on the other side look for selling possibilities below 8598-8570.

Let me share my observation of charts with you.

Since Nifty crossed 7800, till now it is doing one very interesting thing.

Which is that, it has always taken support dot i.e. dot at the support levels that too on the first support level and moved up again from there.

It has never even tried to break any support levels. Not breaking supports is ok but taking support dot at the support level always is not such thing which one should take lightly.

This indicates that sooner or later this thing is going to violate and in that down move will be more that the first imagination, you will find Nifty shedding 300-400 points in short period of time.

Also have a look at Nifty Mid Cap index 50. It was making bearish rounding top formation and few days ago it broke that pattern on the up side.

Bullish breakout.

But it do not have a follow through after that, it is standing above the breakout point and consolidating there. Keep an eye on that it will give good feed for analysis that which side of the trade one should be. Because if it does not sustain and hold the breakout and starts falling than it can be ugly and painful for traders.

 Note :- All Levels are Nifty spot levels always.

 Dated :- 07.08. 2016                                 NIFTY SPOT : 8683.15

Nifty has bounced back again.

It was becoming visible that Nifty may rebound sharply as it was refusing to break 8480 on the lower side.

It has taken multiple supports roughly 5 times between 8476 to 8530.

Which gives the signal that 8480 is holding.

These are the points when technical's helps taking decision and keeps you on the right side of the trade.

See, when the indicators which were showing sell signal were at there extreme power in that time also if Nifty refuses to fall then there is no point keeping short position, because those are the sweet points of short covering.

Same happened.

Readers were able to exit from the short position in time and that too in small to minor profits. Timely decision and acting on that is important.

Now what -

Now till the time Nifty is holding 8480 it is expected to be in consolidation zone. Broader Range is expected to be around 8500 to 8787.

Now, till the time Nifty is above 8595 it is expected to trade with bullish bias and it would try to touch 8787 around levels i.e. the upper side of the range.

Till 8598 is holding trade will bullish bias and if 8598 breaks then expect Nifty  to be in a range between 8500 to 8750.

Trade accordingly.

Note :- All Levels are Nifty spot levels always.

Dated :- 03.08. 2016                                 NIFTY SPOT : 8544.85

Nifty is coming down as expected and today it made a low of 8529 and closed at 8544.

Nifty should have fallen more sharply. But it is taking too much time to come down. It is coming down slowly and slowly which is not good.

Prudent traders always protect his profits and remain alert. If Nifty is not following the path it should have followed. Then it means that it is time to book whatever small profits you have and step aside.

Thus, book out whatever small profits are there in short position in Nifty and close the position and step aside.

Waiting too long for things to happen, is living in hope in this market. Which market often do not oblige.