Nifty Blog by CA. Sachin Aggarwal

Dated :- 06.04. 2020                                 NIFTY SPOT : 8106.60

                                                                                                         

Hi readers,

Nifty came down as was mentioned in my previous blog Dated 29/03/2020.

Since February we have been mentioning to just sell sell and sell Nifty.

And readers would have enjoyed the fall.

Nifty made a low of 8055 again in the previous week and closed at 8106.

Now What :-

Now for the first time Since February 2020, Nifty has given first indication that it wants to rebound.

The level of 8094 on closing basis should be kept as stop loss for that.

If Nifty rebound from here as we expect, then it can be a good one also.

Why I am saying that Nifty can rebound from here.

Weekly RSI at 16 even below than the level of 2008 fall.

Nifty has taken support on Friday dot at the Fibonacci level of 61.8% retracement at 8094 and closed at 8106. Which also makes 1-2-3 pattern on daily and hourly charts.

Also the volumes have also dropped in the fall from 8600 to 8100 which also supports that pattern which we are looking can be played on the up side.

I would be a buyer in the coming week and look for rebound with the initial stop loss of 8094.

Trade accordingly.

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

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