Nifty Blog by CA. Sachin Aggarwal

Dated :- 29.04. 2018                                 NIFTY SPOT : 10692.30

                                                                                                         

Hi readers,

Nifty moved up as was expected and mentioned in my previous blog.

Readers would have enjoyed the up move.

It was clearly mentioned to buy Nifty on dip.

Nifty gave a dip and made a low of 10514 and then it moved up as expected and made a high of 10719.80 an closed at 10692.30.

Now What :-

View on Nifty is still same to buy on dips again and again.

At this point it is always advisable to book part profits and trail the balance position with the stop loss of 10514 closing basis which is around cost so that the trade will be closed in profit.

And short term traders should look for buying possibilities on dips again.

I again mention here that I have been continuously mentioning that above 10402 Nifty is in a strong zone.

Only thing is that Nifty has  been moving up on a non stop basis for the last 5 weeks. This may lead to a small correction which may or may not come, but if at all it comes than it will again be a buying opportunity till Nifty is closing above 10402.

Structure is strong even though we have reached retracement levels and resistance zone. But structure is indicating that Nifty might keep inching up without caring for dip. But as the prudence say that one should manage the trade and book part profits here and keep buffer to buy again whenever the dip comes.

And I would like mention clearly here that till Nifty is above 10402 do not short Nifty.

Trade Accordingly.

Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.

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