Nifty Blog by CA. Sachin Aggarwal

Dated :- 11.02. 2018                                 NIFTY SPOT : 11454.95

                                                                                                         

Hi readers,

Nifty has rewarded the readers of the blog with both hands.

Readers would be remembering that it was mentioned in the previous blog to book full profits for once below 10600 or latest by Tuesday.

Nifty made a low of 10276 on Tuesday itself.

And after that it was all over the place for the next 3 days of the week.

Now What :-

Read the below lines carefully.

Till Nifty is below 10837 the overall structure of Nifty is sell on rise. We will maintain our stance of selling on every rise.

And till it is closing below 10611 Nifty is in a comfort sell zone and lower levels are expected and those lower levels can be deeply lower also.

For clarity above 10611 we are now worried at all because the sell zone of Nifty is below 10837. But obviously above 10611 we will be careful but not worried at all.

This 10837 level will keep on decreasing/trailing in the coming weeks i.e. weeks because it is from weekly charts.

No hurry and no urge to buy. Because for that it has to come in buy zone.

The only thing is that since the mid caps have fallen badly Nifty may want to spend few time here. But that will only be to force the weak hands to exit their short positions.

I want to highlight a technical indicator here and that is RSI on weekly charts. RSI has broken the its lows on weekly charts together with the fall in Nifty. RSI is at its 52 week low. Not a good sign for Nifty for coming weeks and months. More panic will be in store.

The coming week can be very naughty. We expect an full green or full red body candle  in the coming week. Because it co-insides with the volatility which is expected because of the mammoth fall in mid caps.

For short term traders the trick to play the coming week is to keep the open of the week in mind i.e. weekly open on Monday. And play it carefully. Few points above the weekly open (say around 40-50 points) do not short sell Nifty for the week because in that if Nifty makes green candle you are saved. And if it makes red candle then it will have to come below its open where you can look for selling possibilities.

Trade accordingly.

Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.

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