Nifty Blog by CA. Sachin Aggarwal

Dated :- 23.12. 2018                                 NIFTY SPOT : 10754.00

                                                                                                         

Hi readers,

Nifty moved exactly as was mentioned in my previous blog.

It was mentioned that I would be a buyer in Nifty and look for higher targets.

Nifty made a high of 10985 and then on Friday it came down and closed at 10754. Danced on the Global tune and on selling due to Physical delivery of Derivatives contracts of December.

Now What :-

Nifty is volatile due to Global bad news.

Nifty is considered to be in safe zone till it is above 10554.

Thus till it is above 10554 I will not be a positional seller.

Technically on daily charts all the moving averages of Nifty are converging  and are in the process of making flower pattern in Nifty. Which indicates that in coming few weeks Nifty will have one sided move of more than 500 points.

As of now till the time bearishness does not arise i.e. till Nifty is above 10554, Nifty will keep on rebounding again and again.

Since Nifty is stalling here thus the strategy is to be cautious and keep the level of 10728 continuously closing basis for 2 days in mind.

If Nifty closes below 10728 for 2 days then just step aside and wait and watch Nifty's movement this week.

This week is truncated week as we have holiday on Dec. 25 and also we have expiry on Dec 27. Stay light in Nifty.

Another thing I would like to mention here is that any gap down on daily charts and sustenance of that gap will be an indication of bearishness in Nifty.

Trade accordingly.

Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.

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