Nifty Blog by CA. Sachin Aggarwal

Dated :- 16.12. 2018                                 NIFTY SPOT : 10805.45

                                                                                                         

Hi readers,

Nifty is moving fast and reacting to the news. Nifty fell sharply and heavily due to Red Ocean Island reversal pattern and after that absorbed the State Elections results and RBI governor resign and then New RBI Governor appointment fueled the rally, as Banks  started sensing the relief.

  

Now What :-

The previous week was event full.

And Nifty respected our level of 10821.

But it is on the verge of nullifying the Red Ocean Island reversal pattern, close above 10821 it will be nullified.

Also above 10877 Nifty will nullify the bearish Exhaustion gap pattern.

And Nifty is making bullish Flag pattern on hourly charts at present.

Together with the reading with indicators. Nifty is giving a sense that it is becoming ready for good tradable move in next 2 weeks, but this time either side.

And if I want to bring my neck out and expect which side it might be. This time I will want Nifty to move up because the setup of indicators is placed that it want to give a good move one side.

Defying all odds when Nifty is on the verge of nullifying the rare patterns then one should not question the underlying strength.

Always give weight age to the current pattern.

It is very difficult to think for buying and opting anything bullish at this point considering overall Domestic and  Global Scenarios, but, present charts does not allow for shorting either. If one wants to take a call that which side one wants to trade then he has to believe the current charts and keep safety levels mentioned below in mind as precaution.

But remember that current pattern has to give breakout yet. above 10821 closing basis and followed by 10877 closing basis.

Thus be ready for one side move on either side.

And frankly I want it to be on upside.

But remember that be watchful of any gap down and Nifty has to close above 10821 for pattern to nullify because till then they are on.

Thus for the coming week the view is that do not try to short and look the market with bias to look for buying possibilities on dips.

And if Nifty does not move up then just step aside.

The technical way to play this kind of scenario is below 10728 just stay away and above 10788 keep looking for buying possibilities on patterns on intraday charts and keep booking part profits quickly and hold the balance position.

Trade accordingly.

Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.

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