May be traders and analyst are busy with Daily charts of Nifty, but i guess many of them have missed last weeks closing on weekly chart. As you all can notice on the chart, last weeks candle has been a Spinning top or may be even doji resisting near to 7560 which is a crossing resistance level of a recent tops downward sloping line and last two years turning point horizontal level. Lets talk about 7560 as the trigger level. Take the extreme left circle which was June’14-Aug’14 period when Nifty has taken rolled over 7560 many times and then finally triggered a spree to buy after NDA taking control at the center. After almost 1.5 years in Aug’15 we traded below 7560 for the first time after Aug’14 but took closing support and closed above the same which is market in the Second box from the left. After witnessing pull back for 2 months, we tested again 7560 in  Nov’15-Dec’15 as marked in Pink box. But this time support couldnt sustain much and in Jan’16 we triggered sell when we traded below 7560 for the first time in almost 2 years and we are closing below the same level on weekly basis since then. Since last 2 months we have tried for 4 times to close above the same on weekly charts but we havent been successful. This week is crucial!!! We need to close above 7560 and if we do than only i would trigger strong buy. So keep aside all complicated indicators on charts, simply wait for Weekly closing. Though my Short call initiated on 3rd march on Nifty in reserve” is intact.

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