Nifty Blog by CA. Sachin Aggarwal

Dated :- 05.07. 2020                                 NIFTY SPOT : 10607.30

                                                                                                         

Hi Readers

It was mentioned that Nifty will be bearish till it is below 10441 and on the downside 10155 is important level.

Once 10155 break Nifty will have more downside.

Nifty came down first, But Nifty respected the levels of 10155 and made a low of 10223 and then moved up, once it moved above 10441 it went up and made a high of 10631 and closed at 10607.

Now What :-

Since Nifty have moved above 10441 now 10366 will remain important support level and the texture is buy on dips.

Till 10366 holds Nifty will be in buy on dips.

Ideally any dip towards 10442  to 10525 around levels will remain a buying possibility in Nifty.

Nifty is making cup with handle pattern on hourly charts. And once it gives breakout above 10637 more higher levels are expected.

But close below 10366 bull trap might kick in and more downside will open up for Nifty.

Nifty chart showing Cup with Handle :-

Trade accordingly.

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

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