Medium Term Trend: ☝UP (Changes to Down below 11800)
Nifty at All time heights Nifty continue to rise relentlessly and added 200 points to close at 12470 levels ( new all time high)
We had continuously been mentioning that 12K level has to go & eventually Nifty will move towards 12400 levels. In the last post too we had mentioned "on the upside now sky is the limit and markets can go up towards 12400-12500 easily"
12400 (and almost 12500) is achieved in just couple of trading sessions. Now moving forward there is a domestic event (Bihar election) lined up tomorrow and we can see some rise in volatility as a result of same. But one must understand that market has now established itself firmly on bullish trajectory and it will be very difficult to push it down in medium/short term.
On short term charts market are beginning to get into overbought zone hence some consolidation or sideways movement cannot be ruled out in short term. From trading perspective Nifty has very strong support around 12150-175 levels and any dip is likely to find support around this area. Below 12150 markets can further drop towards 11975 levels (any fall below 11975 is looking highly unlikely for now).
From trading perspective it doesn't make sense to go short as markets can continue to move up on the contrary buying on dips could be profitable.
Happy Trading
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