Welcome to Nifty Blog by CA. Sachin Aggarwal

Dated :- 20.08. 2017                                 NIFTY SPOT : 9854.40

                                                                                                         

Hi readers,

First of All,

Nifty moved in a range and as soon as it closed above 9887 readers would have booked full profits from short positions and stepped aside.

I always like this behavior that Nifty respected the levels as it closed just above 9887 at 9904 and 9909 for two days and then closed at 9854 on Friday.

Now what :-

Now Nifty is getting ready for the move of 150-200 points on one side.

And if it holds the low it had made on Friday of 9783 then it can well be on the upside also.

Actually Nifty is on the verge of giving fresh breakdown. But remember that breakdown has still not come. It will come only below 9780.

And once Nifty starts closing above 9904 again, it will be considered that it does not want to give fresh breakdown. In that case together with the fact that Nifty wants to take a move of 150-200 points, further higher levels can be seen. In that case the stop loss shall be 9790 closing basis.

If Nifty gives any gap up here in next two trading sessions at this location and sustains that gap then in that case there is more probability of this scenario to occur.

On the other hand close below 9780 will be treated as fresh breakdown and in that case further lower levels are expected. In this case stop loss is 9904 closing basis.

Trade accordingly.

 Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.

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