Nifty Blog by CA. Sachin Aggarwal

Dated :- 11.03. 2018                                 NIFTY SPOT : 10226.85

                                                                                                         

Hi readers,

Nifty moved exactly as was mentioned in my previous blog.

It was clearly mentioned that this week is going to be the week where we will get the tradable move in Nifty. And try to play that move and go and sell below 10340. Similarly in Bank Nifty it was mentioned to sell below 24788 and Same happened both the indices broken down and kept coming down.

Nifty made a low of 10141 and Bank Nifty made a low of 24048.

Readers would have benefitted from the move.

Now What :-

Now for the coming week:-

Nifty has given breakdown of multiple patterns including Bearish head & Shoulder pattern and bearish Flag pattern on daily charts.

For both the patterns the stop loss is 10615 closing basis.

And remember that our important level had always been 10611 which I had been mentioning in my previous blogs.

Now the view in Nifty is simple and straight. For the coming days till the time pattern is there try to play in the direction of the pattern.

Thus till the time Nifty does not close above 10615 the overall view is sell on rise. Because the targets on the lower side are around 9800 or below.

Now since the stop loss is too high for the retail traders. For them, as they would have booked the part profits by now as this has always been the strategy for us that whenever we get big profits in no time book part profit immediately.

And for the balance I wanted to say that keep holding the balance position with the stop loss of 10615 closing basis as the net stop loss after booking profit for balance position is around 100 to 150 points.

But for retail traders I do not want to say that because 10615 is 390 points from here, it goes beyond the appetite of Retail trader.

For them for the balance position keep the stop loss of the cost i.e. 10340 closing basis. So that they always remain in profit.

Week hearted persons can book full profits here and step aside and wait for Nifty to give any rebound for selling on rise which might come or might not come. The next move on downside whenever it will come may be fast and might not give proper chance to sell.

Also the area to look at is Bank Nifty which has made 6 continuous Red candle on weekly charts. This shows the weakness in that and also gives information to traders that for any rebound to happen keep an eye on Bank Nifty.

That Bank Nifty rebound if comes will allow Nifty traders to sell on rise till Nifty is below 10615 closing basis.

Trade Accordingly.

Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.

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