Nifty Blog by CA. Sachin Aggarwal

Dated :- 17.05. 2020                                 NIFTY SPOT : 9136.85

                                                                                                         

Hi Readers

Nifty came down in the last week.

And Nifty respected all our levels.

Our major level resistance level was 9388 but Nifty could not close above that. It closed at 9383 and then again came down and made a low of 9050 again and closed at 9136.

Hope readers would have enjoyed.

As I always say that technical analysis is first about not being wrong and then to be on the right side of trade.

Nifty also gave a gap up but everybody knows that it has to make green candle and close above the open to give any bullish signal on gap up day.

But Nifty rather made red candle on gap up day open high pattern which is again bearish formation.

  

Now What :-

Now for the coming week it is virtually last some days, when, if Nifty wants to come down it has to come with bang and force.

Thus going with this we will continue expect Nifty to come down in coming week also.

For that I think 9267 on the up side would be enough for the level to watch that can trigger short covering.

We want to keep the up side levels tight as even on the slightest sign of Nifty showing strength the shorts will run to cover their positions.

Because in such scenarios the confidence for shorts will keep reducing if Nifty stays at around current levels each passing day.

Thus, the best thing Nifty can do is to come down with bang.

Else, with every passing day it will start gathering fuel day by day to force short covering.

Trade accordingly.

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

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