STOCK MARKET VIEW BY SACHIN AGGARWAL : June 2020

Sunday 28 June 2020

Nifty Blog by CA. Sachin Aggarwal

Hi Readers

It was mentioned that Nifty will be confusing in the previous week.

And stay cautious for first two-three days and then playas per the Nifty's move accordingly.

Nifty was up on Monday and Tuesday and on Wednesday it made a high of 10552 and came down from there to make a low of 10194 and closed at 10383.

Whenever there is a conflict between Charts and indicators and Nifty moves up first, then the indicators pull the chart down as they become more stretched in that further, move up.

Same happened this time also.

Have a look:

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Now What:-

Now, Nifty has made a bearish engulfing pattern on daily charts and Doji on weekly charts. Also the resistance it faced at 10552 is exactly at the 61.8% Fibonacci retracement the level which will also act as major resistance for Nifty.

Rather 10441 will act as stiff resistance for Nifty to cross.

In the coming week, I will not be a buyer till Nifty is below 10441. Rather I will look for selling possibilities till then. And once Nifty closes below 10155 more downsides will open up.

Trade accordingly.

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

Sunday 21 June 2020

Nifty Blog by CA. Sachin Aggarwal

Dated :- 21.06. 2020 NIFTY SPOT : 10244.40

Hi Readers

It was mentioned that above 9840 Nifty is in good zone and one should look for buying possibilities.

Same happened. Nifty made a high of 10256 and closed at 10244.

Hope readers would have enjoyed the up move.

Now What :-

Now after a long time this coming week is very confusing.

Charts are saying that they are bullish and more upside is on, but indicators are saying that they might not be with the charts right now.

In such a contradicting scenario it can be expected that Nifty might face resistance at around 10302 to 10366 levels. but if it does not face that resistance in next 2-3 days then indicators will start changing their mood to go with charts.

Thus stay bit cautious in first two days where the move will be clear and after that play accordingly.

Trade accordingly.

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

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Sunday 14 June 2020

Nifty Blog by CA. Sachin Aggarwal

Dated :- 14.06. 2020 NIFTY SPOT : 9972.90

Hi Readers

It was mentioned that Nifty and Bank Nifty has stiff resistance ahead.

Same happened Nifty and Bank Nifty both faces resistance and came down.

Also it was mentioned that when Nifty will come down it will be a buying opportunity.

Nifty rebounded smartly form the lower levels and closed at 9972.90

Hope readers would have enjoyed the movement in Nifty.

Now What :-

Now on the down side 9840 will be first support level on closing basis.

Till Nifty is above it the uptrend in Nifty is secure.

In the coming week till the time Nifty trades above 9840 keep holding long positions and look for buying possibilities.

But below it Nifty will be in a danger to slide and give up the move.

Coming week will be very crucial for Nifty.

Trade accordingly.

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

Sunday 7 June 2020

Nifty Blog by CA. Sachin Aggarwal

Dated :- 07.06. 2020 NIFTY SPOT : 10142.15

Hi Readers

Nifty moved up as was mentioned in my previous blog dated May 31, 2020 It was mentioned that keep buying on dips and only trade available in the town is o buy on dips.

Same happened Nifty made a high of 10177 and closed at 10142.

Hope readers would have enjoyed the move.

Now What :-

Now Nifty is at very interesting and crucial level.

Together with Bank nifty

This area between 10160 to 10250 may act as a short term resistance for Nifty wherein a dip cannot be ruled out. But that will also be a buying opportunity.

Actually the true resistance is to Bank Nifty at around 21500 to 21600 levels.

Thus the idea is to book profits and wait for the coming week and if nifty sustains above 10255 together with bank Nifty above 21602 then more upside movement is expected run through.

Else what we want to take a breather, preferably with a dip, which will give energy to the charts for further move up easily.

Trade accordingly.

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

Disclaimer:

The views on Nifty and Stocks and calls made herein are personal views of the author of the blog and are for information, knowledge and educational purpose only and not for commercial purpose in any way. Views expressed in the blog are for information and for education only and it may or may not hold good. These views or calls made on the blog are not recommendations to anybody to buy or sell any index or securities. The above views and calls are based on technical analysis. While due care has been taken while expressing these views and calls, the author of the blog, is not responsible for any liability of any sort arising from the use of this blog. Readers of this column and those who buy or sell index or securities based on information in this blog are solely responsible themselves for their actions. The author may have positions in any of the index or stocks mentioned in this column. Readers of the blog are advised that before trading or doing investment in markets please take advise from your financial expert/consultant. Usage of this blog information confirms that user has read this disclaimer.