Welcome to Nifty Blog by CA. Sachin Aggarwal

Dated :- 03.09. 2017                                 NIFTY SPOT : 9974.40

                                                                                                         

Hi readers,

Nifty closed above 9904 and hit the stop loss of 9904 which is a rare phenomenon in the history of the blog. Nifty after closing above 9904 is now sustaining above 9904 and closed at 9974 on Friday.

Now What :-

Now Since Nifty has closed above 9904 and is now at 9974.

For the coming week I expect Nifty to take a move and to make a big body candle on weekly charts in the coming week on either side.

Technically Nifty is in a range between 10070 to 9830.

Nifty has given bullish breakout of ascending triangle pattern on hourly charts. The beauty of this pattern is that if it is real then it takes a move quickly. Otherwise if, and, when, it reverses then it reverses hard.

It also give an indication that good and decent move in Nifty is not far away. Nifty is preparing itself for a good move on either side in coming days.

Nifty has to stay above 9974 for next two days for Nifty to achieve higher targets. And the best part of the move should come on Monday second half and Tuesday First half. I will be a buyer in this period only and that too above 9974.

However if Nifty does not stays above 9974 for next two days then the game will be wide open and it will become no trade zone for me.

In that case either I would like to step aside or will look for correction.

Next to days are important for Nifty.

Another important thing is that when the ascending triangle pattern gives breakout then Nifty should not give any gap down open on any charts. Means that it should not open in red(say around or more  than 20 points minus)  for next two days. If Nifty does that then for me the significance of the bullish pattern is over and in that case I will step aside. Because opposite gaps in ascending triangle pattern are pattern violating gaps.

Trade accordingly.

 Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.

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