Nifty Blog by CA. Sachin Aggarwal

Dated :- 15.09. 2019                                 NIFTY SPOT : 11075.90

                                                                                                         

Hi readers,

Nifty posted rebound in the previous week as was expected and mentioned. Charts were saying that Nifty is showing that is wants rebound.

Nifty went up and made a high of 11084 and closed at 11075.90.

It did not crossed our level of 11088 in the week. Levels left out with few points are always naughty.

Now What :-

Rebound was expected and it has come.

If it would have given close above 11088  I would have given heavy weight age to this rebound or might has looked to change my overall view.

But Since it has not crossed this level thus whole analysis has to be done on the basis of coming week levels. Thus we have to change the level according to the requirement of coming week level. The level of 11088 was applicable till previous week but for coming week level is 11204.

Now for the coming week level of 11204 is very important on the up side.

Below which the Nifty is overall sell on rise. Note that this level of 11204 is on weekly closing basis specifically.

 

But since we are on the verge of breaking out of inverted head & shoulder pattern above 11090. Traders would be feeling bullish.

But I would be like to trade on bit reverse side approach in-spite of this bullish head & shoulder pattern.

Sell on rise approach might be more rewarding for the coming week.

Although it is not recommended for retail traders as probability for success ratio is not that much as we want, because selling against the breakout of inverted Head & Shoulder pattern is not easy for them, but as Professional I will like to trade with this approach.

Trade accordingly.

Note - ALL THE LEVELS OF NIFTY ARE of SPOT ALWAYS.

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