Nifty Blog by CA. Sachin Aggarwal

Dated :- 06.01. 2019                                 NIFTY SPOT : 10727.35

                                                                                                         

Hi readers,

Nifty came down as was mentioned in my mid week previous blog dated Jan 02, 2019.

Nifty fell on next day as was mentioned and made a low of 10628 and then rebounded from there to close at 10727.

Now What :-

We were able to identify the downward movement.

Nifty should have moved further down but the positive news from the World around made Nifty rebound from the lower levels.

Thus it is better to book the short position and step aside.

As I had mentioned in my earlier blogs that Nifty is poised for a decent move in one side as all the averages are converging at same levels.

Any gap up from here, if it sustains, might prove to be a trigger for that move on the upside.

But as a prudent trader I would not like to change the views so quickly.

Before Jan 02 we were clearly bullish but on Jan 02 when nifty was at 10792 we identified the down move and changed the view to sell.

Which initially worked in our favour also with nifty falling more than 150 points.

And when after fall no follow up of down move is there, We want to book out short positions and step aside.

Thus till Nifty does not close above 10922 I will not like to buy whatever strength nifty might show.

Thus I will remain on side lines but If Nifty does not move up and starts going below 10698 then I will again look for  Short possibilities.

Till then I will remain on sidelines for the week.

Trade accordingly.

Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.

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