Nifty Blog by CA. Sachin Aggarwal

Dated :- 09.12. 2018                                 NIFTY SPOT : 10693.70

                                                                                                         

Hi readers,

Nifty was all over the place in the previous week.

Nifty made  a special pattern in the previous week.

Which is known as Red Ocean Island Reversal Pattern on daily charts.

This is a rare pattern and not a simple one.

Let me explain.

Reader would remember that in the previous week also Nifty made Island Reversal Pattern (that was bullish pattern).

But in this week nifty again made Island Reversal Pattern this time bearish pattern and this pattern has been made at such a level which nullified the previous week pattern. That is why this is called "Red Ocean Island reversal pattern".

means the bullish gap is reversed with bearish gap at same location. "Means gap ko gap ne kata."

Chart Attached.

Now What :-

The coming week will take its cue from Exit poll indications and the State poll results on Tuesday.

But Chartically :

This Red Ocean Island is bearish till Nifty is below 10821.

Thus in coming week stay with bearish bias whenever get a chance.

Nifty, has changed its texture, to sell on rise till it is blow 10821.

The weekly close below 10483 is further  confirmation of change in texture to sell on rise.

Trade accordingly.

Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.

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