Medium Term Trend: (Changes to down below 10750)
Dullness at 11200: Nifty opened around 11200 levels today and didn't do much for entire trading session and closed almost flat at 11215 levels
Now Nifty may not have done much today but it has probably done enough. Since last couple of weeks we have been mentioning that Nifty is in correction mode and last week we even saw a fall from 11300 to 10900 levels. However Nifty has moved back towards 11200 levels and now we have had 2 consecutive close at 11200 ( yesterday and today) which is indicating that probably correction is over and Nifty is ready to give another shot at 11300-350 zone.
We had mentioned in previous post move above 11200 is likely to put bulls in drivers seat again.Nifty now has good support around 11000-11050 zone and Nifty is likely to find support at these level in case of any drop. Holding this levels is now likely to push Nifty back towards 11350 level and above 11350 markets can touch 11500 or even 11800.
In Nutshell, Nifty has spend too much time around 11200 levels now and from here the chances of upmove have become much stronger than a downmove.For bears to have any chance they must break below 11000-11050 levels pretty fast.
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