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.