Nifty Blog by CA. Sachin Aggarwal

Dated :- 24.11. 2019                                 NIFTY SPOT : 11914.40

                                                                                                         

Hi readers,

Nifty stayed in the range and closed at 11914.

Virtually going nowhere.

Thus sitting on sidelines was good idea.

Now What :-

Nifty has made 3 back to back Doji's on weekly charts.

Three doji on Nifty weekly chart is not easy, it showed that Nifty is in tight range for 3 weeks.

Still the view is same.

As Nifty is in range and not touching our lower end of the range i.e. 11700 to 11750. More vulnerable it is becoming. The coming week is important week.

Nifty has made double top pattern on hourly charts. Thus it should be biased bearish. Thus in such scenario, we cannot be a buyer.

Till the time double top pattern is intact lower levels are expected.

Above 12026 closing basis. Nifty may gain strength and in that case 11884 will become important support level.

Trade Accordingly.

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

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