Sell on rallies strategy worked well even last week as Nifty could not sustain at higher levels. Continue with this strategy for this week also. Follow the Gann level given below.
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Nifty has clearly shown that 16th Feb was a a very important Gann Pressure date which resulted in almost 1000 points correction so far. I also indicated that PUT Buyers should keep on booking partial profits at every 500 point correction and add further positions on every rally.Last week we witnessed a rally on 24th and 25th and the rally stopped exactly at Gann resistance level near 15170. Bottom made last week was also very near to Gann support of 14500.
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Last week it was clearly indicated regarding the upcoming Gann Pressure Dates .Nifty made a top of 15430 exactly on 16th FEB a pressure date and corrected more than 500 points from there.
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Last week Nifty remained in a narrow zone but exactly between first and second Gann resistance zones as given last week. Very soon we can expect it to get out of this trading zone as 15th&16th Feb are Gann pressure dates.
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Nifty has shown tremendous volatility from the budget day and it was able to make new life high in a straight line unprecedented rally.Now the major question is - Is the "TREND REVERSAL " has happened and are we going to see new Bull market from here? As per my understanding of Gann system this move was definitely surprising but is not confirming "TREND REVERSAL". In fact this was just a short covering rally which further confirms the "Culmination of ongoing BULL MARKET" is very nearby.
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Congratulations to all the subscribers for windfall profit in 14500 puts . The put price has become more than double in just a couple of week. Last week I clearly indicated that trend is Sell on rallies and you must have witnessed that all rallies faced huge selling pressure.
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Last week Nifty made an" OUTSIDE GANN BAR" on weekly chart . 14653 was the high of last to last week which was broken on 21st Jan but it could not sustain there and closed much below the same day. In fact Nifty was unable to close above 14653 on any day after this high was made.
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Last week I clearly wrote ," Gann rules indicate that this is the last leg of bull market and coming week Nifty will TOP OUT". And Nifty stopped exactly in the Gann zone as given in trade setup.
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Those taking short term long trades in Nifty must be very careful regarding stop loss level as mentioned below. There is no change in view for longer term. Gann rules indicate that this is the last leg of bull market and coming week Nifty will TOP OUT.
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Gann Price Time rules indicates that coming week for Nifty is an extremely important "PRESSURE WEEK" and is very very crucial. So take seriously all price corrections from here. Short term traders keep following the Gann levels given below in the trade setup.
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