Nifty Blog by CA. Sachin Aggarwal

 

 

Dated :- 18.10. 2020                                 NIFTY SPOT : 11762.45

                                                                                                         

Hi Readers

Nifty moved as was expected and mentioned in my previous blog.

It was mentioned that Nifty is buy on dips and indeed dip came and Nifty and Bank Nifty rebounded from the same level and gave a decent profits.

 

But on next day (on expiry) again Nifty fell. And then again bounced to close at 11762.

 

Now What :-

 

Nifty has made a small double top pattern on hourly charts and is making bearish flag on hourly charts.

The charts are saying that Nifty is at make or break level.

The coming week is expected to be full body candle on weekly charts.

Either Green or Red.

Now how to play it.

Initially I would be a cautious seller in Nifty and see how it behaves.

Nifty staying below 11728 and Bank Nifty below 23250 will be comfort zone for keep holding the sell position but Nifty stay above 11813 and Bank Nifty above 23972 will be a level where we would not interested in selling or stay short.

Nifty has multiple supports between 10720 to 10753. But one has to take a view. Thus we have taken a cautious sell view initially to see how it behaves.

After Monday if Nifty closes and stays above 11828 I will be open to even buy.

 

Thus the idea is to start the week with a cautious sell position and see how the week pans out.

 

Trade accordingly.

 

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

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