Nifty Blog by CA. Sachin Aggarwal

Dated :- 21.07. 2019                                 NIFTY SPOT : 11419.25

                                                                                                         

Hi readers,

As mentioned in my blog dated July 14, 2019 Nifty went up due to short covering but did not  cross our level of 11710 which was very hard level for Nifty to break . It was mentioned to sell Nifty on rise till 11710.

Nifty made a high of 11706 and then fell hard and made a low of 11399 and closed at 11419.25.

Nifty hit our target of 11400 for the week.

It was mentioned that Nifty is making bearish flag pattern and the target for that are 11350 to 11400.

Also it was mentioned that range for Nifty for previous week is 11400 to 11710.

Nifty fulfilled everything word by word.

Nifty made a low of 11399 and a high of 11706.

Readers would have enjoyed the fall in Nifty.

it was also mentioned on July 19 in my during the market hrs. blog to book part profit at 11516 and keep the balance short  position intact for lower targets.

Now What :-

Book some more profits i.e. second part profit  here at 11419 and let the balance short position stay intact.

Charts are indicating that more lower targets are in the offering.

For the coming week 11200 to 11250 targets are insight.

It looks that 11350 support may not hold.

Further just keep 11548 on the upside in your mind if Nifty closes above that it will be first indication that bulls might want to fight and are not giving up easily. In that case book full profits in short positions and step aside.

Trade accordingly.

Note - ALL THE LEVELS ARE OF NIFTY SPOT ALWAYS.

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