Nifty Blog by CA. Sachin Aggarwal

Dated :- 14.10. 2018                                 NIFTY SPOT : 10472.50

                                                                                                         

Hi readers,

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

Nifty movement was a surprise to everybody but readers would have seen that it remained in our range of 10160 to 10455 as mentioned.

Hitting the upper and lower end of the range again and again.

Reader would also have noticed that it was mentioned to play the Nifty on intraday basis as volatility would be high, same happened.

Also it was mentioned that Nifty has rarely made  more than 6 red candles on weekly charts and it has already made 5 red candles continuously.

Thus here is the green candle in Nifty on weekly charts.

Now What :-

Now in the coming week it is expected that upward movement might continue but with the rider that I want Nifty to give a gap up and sustain  that  gap and in that case the level of 10348 will become very good support level.

If any gap up and sustenance of the same does not come then I will not be interested in playing the up move further.

Another thing is that Nifty has rebounded exactly from the retracement levels from oversold zone, thus continuation pattern is required in any form, the easiest form which is expected is gap up.

If gap up does not come in a day or two or gap does not sustain then below 10388 I will again be open to the idea of shorting Nifty again.

In any case above 10418 Nifty is in a comfort levels of holding the long positions.

Trade accordingly.

Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.

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