Dated :- 29.01. 2017                                 NIFTY SPOT : 8641.25

Hi readers,

Nifty has moved up sharply and broke the range above 8510 and closed at 8641.

The breakout is strong and has made good patterns.

Nifty has made bullish ISLAND Reversal pattern above 8480 and this pattern is strong pattern.

Island reversal patterns are rare patterns and should not be ignored.

 

Now till Nifty is closing above 8480 the Island reversal pattern is on.

Now What -

Now technically this 8460 to 8480 level will continue to be very important support level. And on the up side the resistance is placed at 8780 around levels.

We have budget in the coming week on Wednesday i.e. Feb 01, 2017.

We do not want to take any call before the budget as we have only two trading sessions before budget and this time budget is going to be important one.

Only thing is that, the pattern is strong and indicators are also supporting the pattern. However it is upon the budget to decide whether the breakout is real or the false one.

Because such a big events has the capability to do anything. Thus the future course of market action shall be dependent on the budget.

Strategy is to be stock specific and watch the budget.

Trade accordingly.

Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.

Dated :- 22.01. 2017                                 NIFTY SPOT : 8349.35

Hi readers,

Nifty moved exactly as was mentioned by me in my previous blog.

Wherein it was mentioned that Nifty is in a no trading zone and is stretched on the smaller time frame charts.

It was clearly mentioned that in such like chart formation where the smaller time frame charts are stretched Nifty always finds it difficult to go higher.

Nifty exactly did that and could not cross the resistance of 8460 and fell from 8460 to close at 8349.

Nifty consumed most part of the previous week in small range of 60 points and on Friday ultimately it fell to close at 8349.

Now What -

Now still Nifty is in a choppy terrain.

Nifty is expected to move one day up and one day down type scenario.

As there are only 6 trading sessions left before budget and only 3 trading sessions left for expiry.

Nifty is expected to hover in the range of 8200 to 8510.

Do not expect one way fast move from here in the coming week. Rather it is expected to be combination of choppy and boring trading days ahead.

Strategy is to be stock specific as we do not want to take any call before the budget.

Because this time the budget is going to be more important for the markets.

Thus remain stock specific and as far as the index is concerned stay away from index.

For compulsive index traders who want to trade in index always, come what may, the probable trade for the coming week can be to look for buying possibilities if market goes to near 8200 to 8230 around levels for some points in Nifty.

Trade accordingly

Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.

Dated :- 15.01. 2017                                 NIFTY SPOT : 8400.35

Hi readers,

Nifty moved exactly as was mentioned by me in my blog on last Sunday dated Jan 08, 2016.

Wherein it was mentioned that go long for higher targets.

Nifty exactly did that and moved higher, it rose by more than 200 points in one week and made a high of 8461 and closed at 8400.

Readers were able to book profits from all their long positions at highest and would be enjoying their profits and now would have stepped aside.

Now What ;-

Nifty in its current setup on daily and weekly charts is still looking good.

But the smaller time frame charts are stretched and we have important resistance zone coming at 8460 to 8550. Smaller time frame charts when they remain in stretch zone in that case Nifty finds it difficult to cross the important resistance levels non stop run through and go higher and higher.

Thus we preferred to book full profits and step aside.

Now in the coming week Nifty is expected to remain choppy and directionless. Sometime up sometime down.

Thus for the coming week Index will remain in no trade zone and it is desirable to be stock specific.

For the coming week I believe that the strategy for playing Nifty should be that, if, it comes to 8250 around level then look for buying possibility for one green day only i.e. for one green candle. Whatever you get in that one day green candle take it and step aside again.

Simultaneously look for selling possibility around 8550 if it reaches there non stop without falling in next 2-3 days for one day red candle i.e. for one day fall and what ever you get in that one day fall take it and step aside again.

Else keep enjoying the profits.

Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.

Dated :- 12.01. 2017                                 NIFTY SPOT : 8407.20

Hi readers,

KUDOS Again.

Here is the rise in Nifty.

Nifty is moving up ruthlessly on a daily basis.

Readers would be getting full reward of it.

It was clearly mentioned that go long for higher targets.

Readers would be remembering that we have catched the bottom of Nifty at 7880 to 7900 and from ever since Nifty is moving up as expected.

It was mentioned that Nifty has made a strong gap at 8100 and it was also mentioned that do not take that gap up lightly.

It is a strong gap.

Readers would be enjoying the rise in Nifty.

Now Nifty has made a high of 8417 and closed at 8407.

Book full profits here and step aside.

Booking profits is must in this market.

Because as I always say '' PROFIT WOH HAI JO GHAR AA GAYA''.

Enjoy the profits.

Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.

Dated :- 08.01. 2017                                 NIFTY SPOT : 8243.80

Hi readers,

Nifty moved as expected and respected the levels mentioned in my previous blog dated Jan. 01, 2017. In first three days of the week it did not crossed 8223 and on Thursday it crossed 8223 and came back to make low of exactly at 8223 and gained some strength and moved up to make a high of 8306. And as was mentioned that above 8223 I will wait was also respected by Nifty which came down on Friday and made a low of 8233 on Friday.

Now What -

Now as I had also mentioned in my previous blog and I am repeating it again -

Actually the pattern Nifty has made from the bottom at 7893 has the capability to be a very good pattern. Nifty has made a bullish gap above 8100 and continued moving up. The location of this gap at 8100 is very good and is considered to be important gap. Till this gap is standing on closing basis Nifty's will be considered to be in overall bullish zone.

From now onwards the view on Nifty is as follows -

Till the time Nifty is closing above 8100 I will look for buying possibilities in Nifty.

As per my analysis the gap above 8100 is important gap and should not be taken lightly.

However, I would like to add here that the very short term indicators are slightly stretched which may cause Nifty to test 8150 to 8180 around levels if at all that happens than it would also be a buying dip.

Strategy for the week is to look for buying opportunities for higher targets. Stop loss should be kept at 8098 closing basis.

Nifty is also on the verge of giving bullish breakout of double bottom pattern above 8300. The sooner Nifty gives this breakout the better it is for Nifty. If Nifty takes time and does not give this breakout early then the strategy has to be relooked.

Trade accordingly.

Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.

Dated :- 01.01. 2017                                 NIFTY SPOT : 8185.80

Hi readers,

HAPPY NEW YEAR TO ALL.

Nifty moved up and closed at 8185.80.

Giving a a gap up above 8100.

Now What -

Now Nifty has reached at very important point.

Actually the pattern Nifty has made from the bottom at 7893 has the capability to be very good pattern. But it requires some confirmations also. Which has still not come. Nifty has also given a gap up on Friday above 8100 and continued moving up. The location of this gap is very good and is considered to be important gap. However it should be noted her that the gap is not their on BSE SENSEX charts. Till this gap is standing on closing basis Nifty's will be considered to be in overall good area.

But below that expect range bound moves in Nifty. Also indicators have not turned bullish with Nifty's move. That was why we preferred to book full profits in long positions in Nifty and step aside.

Now important is how to trade in Nifty this week.

Considering the fact that Nifty is standing at very important point. Where the resistance is also in front of us at around 8270 to 8300.

Actually if the bullish pattern which Nifty has made has any power then in the current week it will have to cross 8300.

Strategy should be to keep in mind the level of 8223 closing basis to be trend decider level for the coming week. Below this level Nifty will always be in the risk of falling back to 8000 around levels, thus stay cautious.

Actually Nifty is also on the verge of breaking out of double bottom pattern above 8275. In technical analysis always let the breakout comes on its own. This time also we will let Nifty itself decide that whether it wants to break out  above 8300 or Not.

Because one of my special indicator is not supporting this breakout till now which has always supported the breakout in past. Thus for playing further bullishness from here I will wait for this week because by then the picture will be more clear as far as the breakout is concerned.

In this week if Nifty does not close above 8223 for two consecutive days then always below 8200 I will be open to selling possibilities for lower targets of around 8050 around levels.

In nut shell I will not be a  buyer till Nifty does not give breakout of double bottom pattern above 8300. I will wait for that pattern to give breakout. And simultaneously when ever Nifty is below 8200 in coming week I will look for selling possibilities with the SL of 8223 again and again.

And if Nifty is above 8223 but below 8300 I will stay out.

Trade accordingly.

Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.