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.