Nifty Blog by CA. Sachin Aggarwal

Dated :- 10.06. 2018                                 NIFTY SPOT : 10767.65

                                                                                                         

Hi readers,

Nifty was volatile in the previous week and it even gave close below 10606 and closed at 10593 and then moved up and made a high of 10818 and closed at 10767.

It was all over the place in the previous week and it even made bearish patterns in the name of Island reversal on Bank nifty chart.

And also made some bullish patterns of gap up on daily charts of Nifty and Bullish Engulfing pattern on Mid Cap Index charts.

Going by the analysis of both the type of patterns I think that the pattern of mid cap is the strong and that too in Nifty gap up.

Now What :-

In the coming week I will look for buying possibilities and now on the down side 10580 will act as major support level.

Specially for the coming week I will look at the level of 10740 above which I will look for buying possibilities again and again. If Nifty is strong it should take out 10815 on the upside in next 3 days.

However I would like to mention here only for coming week that by chance Nifty remains below 10740 for next 2 days then the view for bullishness will again be shifted to above 10815. it is only to allow the current bullishness a space to move we have assumed that even above 10740 also Nifty can be considered to be in a buy zone.

Simultaneously bank Nifty should stay above 26508 for our 10740 hypothesis to hold good.

Both the conditions of Nifty and Bank Nifty should hold simultaneously.

Because the Mid cap index has made a good pattern. Any further gap up on Mid cap index will further be good sign.

Trade accordingly.

Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.

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