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.