Dated :- 18.06. 2017                                 NIFTY SPOT : 9588.05

                                                                                                         

Hi readers,

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

It was mentioned that below 9630 Nifty will not have much strength and the weak zone starts from below 9630.

In the entire previous week Nifty closed below 9630 on daily basis.

And for the last 3 trading days continuously Nifty has not even gone above 9630 even on intraday basis.

All the indicators are indicating for more lower levels and are waiting and waiting for Nifty come down.

Rather indicators are getting uneasy forcing Nifty to come down.

May be Nifty has been artificially forced not to fall, in spite of weakness and touching 9560 time and again on the downside.

It has been continuously coming down slowly for last 9 days but not falling hard.

Nifty has also made evening star pattern on weekly charts.

Now What :-

On one part from last many days Nifty is showing weakness and all the indicators are showing weakness in Nifty.

But on the other hand the truth is that Nifty is touching 9560 again and again and not breaking 9560 and co-incidentally 20 DMA is also placed at almost the same level i.e. at 9573 on daily charts.

The indicators has to quickly force Nifty to come down otherwise the indicators will exhaust and in that case rebound will become due and the fatigued indicators will themselves give technical bounce.

Break below 9550 and then 9520 simultaneously will open further downside towards 9400 to 9430.

For this week on the upside watch the level of 9730 weekly closing basis. Till the weekly closing is below 9730 it is considered weak.

Trade accordingly.

 Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.