Dated :- 19.02. 2017                                 NIFTY SPOT : 8821.70

Hi readers,

Nifty has moved exactly as was mentioned in my previous blog dated Feb. 12, 2017.

It was clearly mentioned that professional traders can even look to buy Nifty on the lower end of the range of 8715 to 8820. Nifty went down to the lower end of the range and made a low of 8713 and then went up. It was also mentioned that the kind of pattern Nifty is in, it has the tendency to cross the previous high and move higher.

Thus readers were given the level of 8908 which was possible and Nifty made the high of 8896 almost hitting the target.

Readers would have enjoyed the surprise up move in Nifty as it was on expected lines for us as we had the upper target of 8908 for the last week.

Now what -

Readers would be remembering that we were interested to buy till Nifty is above 8715  in the previous week and Nifty obliged us, as the pattern  usually makes new high greater than previous week's high and the same happened.

Now in the coming week I will avoid to buy Nifty.

As the pattern as on today together with indicators does not give much confidence to buy for coming week. Even if Nifty wants to move up from here it had to do time correction and stay here and consolidate.

I will leave any further upside for coming week rather will be look for selling possibilities below 8780 and wait for confirmation below 8740.

If Nifty adds some points more further from here on the upside then I will stay on the side lines and wait patiently for my levels to come.

Nifty has again made long doji pattern on weekly charts.

Now in the coming week below 8780 will be the first sign that Nifty might shed further 100 to 150 points. Although the confirmation for that will come below 8740. Below 8780 keep looking for selling possibilities in Nifty with the stop loss of 8863 closing basis. I will keep using this strategy again and again.

I would like to mention here also that this week is an expiry week also thus Nifty can be volatile also and if it goes below 8780 in first two days then readers should be ready that due to volatility smart money may not allow Nifty to go below 8740 immediately and then try to cross 8863 to surprise traders. Thus keep the quantity in control.

The way to overcome this volatility is that either take the trade and let the stop loss hit and again take the trade below 8780 and again wait for confirmation below 8740 within 3-4 hours of the trade OR take the trade below 8740 only.

Professional traders can keep on looking at the level of 8780 as important level for coming week and keep looking for selling possibilities below 8780 again and again with the stop loss of 8863.

Remember that the confirmation for sell trade is below 8740 but to take the first mover advantage I have given the level of 8780 being first sign of weakness.

Trade accordingly.

Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.