STOCK MARKET VIEW BY SACHIN AGGARWAL

Sunday, 16 July 2017

Dated :- 16.07. 2017 NIFTY SPOT : 9886.35

Hi readers,

Nifty has made a high of 9913 during the previous week and closed at 9886.35.

Readers would have enjoyed this rise as we were the first to capture and identify the up move at 9540 around levels.

Now What :-

Now Nifty charts is doing some interesting things.

Out of the Nifty 50 Index stocks some important stocks has made big Hanging man or big Shooting star or big doji on weekly charts with big shadows after a sharp rally.

This may be due to the NSE technical glitch on last Monday. But see, charts are charts and after some time in future when present charts will be looked as historical charts, nobody will link that this was the date when Technical Glitch happened. These patterns will be looked as historical patterns.

Another important thing is that the vix is trading at its all time low.

With too much euphoria around vix is trading at lowest.

Combination of all these things and some other indicators I will prefer to be cautious and will be looking and waiting for correction in near future.

In other words, I will avoid buying in Nifty and look for correction to come.

In these type of scenarios one should refrain to give levels, but on a broader basis I would say that Nifty has resistance around 9948 and if it crosses 9948 on closing basis then the next resistance is at 10082.

Trade accordingly.

Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.

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STOCK MARKET VIEW BY SACHIN AGGARWAL

Sunday, 16 July 2017

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