Nifty Blog by CA. Sachin Aggarwal

Dated :- 10.09. 2017                                 NIFTY SPOT : 9934.80

                                                                                                         

Hi readers,

Nifty closed at 9934.80, it kept on moving in a small range and going nowhere.

Nifty was all over the place in the previous week.

It did not fulfilled any of the condition mentioned in my previous blog and did not go above 9974  in first two days of the week and thus no buy signal came.

Thus our analysis that if it does not go above 9974 in first two days then I will step aside or look for correction proved to be good. As Nifty traded within small range with bearish bias in later part of the week. And it did not move up.

Now What :-

Nifty has been moving in small range for last more than one month.

The view is still the same.

Good tradable move is expected on either side.

But as a Technical Analyst we need to be anticipating things for one side.

Point to note here is that, the breakdown in Nifty will come below 9780 and it is quite far from here.

And we are standing at 9934.

Till 9780 does not break we cannot say firmly that Nifty is and will go down.

Thus till 9780 does not break we do not want to be bearish unless any clear sign comes.

Thus for the coming week only. If Nifty goes down then till it does not break 9780, I will not be trading. Means I will remain stepped aside and watch Nifty's movement. Nobody has put GUN on our head to trade mandatorily.

Rather  only for the coming week if Nifty give any bullish breakout then I will be willing to play that with small stop loss and trail it further that too for small profits.

For that Nifty needs to go above 10012 and close above it comprehensively.

Trade accordingly.

 Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.

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