Nifty Blog by CA. Sachin Aggarwal

Dated :- 02.01. 2019                                 NIFTY SPOT : 10792.50

                                                                                                         

Hi readers,

Nifty moved up yesterday and made a high of 10923 that was good show and continuation of previous up move.

Then effect of that should be that today it should have been further up but Nifty opened around 50 points down at 10868 and moved further down and closed at 10792.

Which shows that Nifty might be losing steam for bulls.

Thus Long positions should be booked and money should be brought home.

Since Nifty is making Ascending Triangle pattern on daily and hourly charts and in spite of that if Nifty does not try to even touch the higher end of the Ascending Triangle.

This shows that there might be a selling pressure Nifty is facing at these levels.

These are important signs thus for the rest of the week  I would not like to be a buyer any more.

Rather, I would be now open to the idea of looking for selling possibilities with the stop loss of 10922 closing basis.

But please note that the selling possibilities I am mentioning is applicable only for rest of the current week further path will be as per the closing of the current week.

Trade accordingly.

Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.

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