Nifty Blog by CA. Sachin Aggarwal

Dated :- 19.11. 2017                                 NIFTY SPOT : 10283.60

                                                                                                         

Hi readers,

Nifty was all over the place dancing on the news from different places.

But the fact is that we are staying at 10283 almost near to the previous week's close.

Bank Nifty has given a breakout of Cup with Handle Pattern and Nifty has made a bullish Kicker Pattern on daily charts.

Simultaneously Nifty is in the process of potential Bearish Head & Shoulder Pattern.

There is a some Dichotomy in Nifty and Bank Nifty.

Now let us understand the Bank Nifty Chart first. It has given a breakout of Cup With Handle pattern which is considered Bullish. And the targets are approx. 2000 points in Bank Nifty from here.

And this Cup with Handle pattern is considered very bullish pattern and its breakout is considered a strong breakout.

But my charts and my indicators are saying that Bank Nifty has reached at such a level where it has stretched my indicators so much that they rarely stretch further from here on immediate basis.

When I analyse the Bank Nifty chart and my indicators simultaneously, then I am forced to believe on my indicators as always. Who have rarely allowed any security to go beyond the level they are stretched like today. It requires an Ultra Strong news to do that. And Who knows MOODY's Rating upgrade may prove to be one of that.

And if the indicators do not allow Bank Nifty to move further then it would mean that the breakout of Cup With Handle will fizzle out.

Now let us look at the Nifty's chart, Nifty has made a bullish Kicker pattern on Daily charts. Which is also considered as strong pattern. And combining it with the bullish Bank Nifty pattern mentioned earlier the scenario is interesting.

Important thing is that Both Nifty's pattern and Bank Nifty's pattern has the habit of going up run through without wasting time.

But as per my indicators till the time Nifty does not negate the level of 10410 comprehensively, I would not be inclined to buy.

And remember that the comfort level for the sellers is only below 10172.

Charts are giving an indication that the coming week is expected to be a big body candle on either side. And Considering the indicators the coming week will be going to be very important and interesting to watch.

Trade accordingly.

Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.

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