Medium Term Trend: ☝UP (Changes to Down below 12800)
Nifty @13400 : Nifty continues its dream up run and posted yet another all time high to close at 13392 levels.
Nifty current move is broadly in line with what we have been forecasting since last so many posts. The trend (from all time perspective) remains on the positive side hence trading only on the long side make sense for now and that's exactly what we have been doing. In last couple of months, we haven't taken a single trading position on the short side which seems to be working for us and our subscribers.
Now from trading perspective, Nifty has immediate support at 13300 levels and all long positions can be held as long as 13300 is holding. Below that the first major support exists at 13075 levels and for bears to have any chance it must be broken in next 3-4 trading sessions, failing which, bulls will continue to have an upper hand and they are likely to remain strong. Below 13K the final support for this trend lies at 12800 levels below which the overall trend will change to down (chances of which are looking pretty slim now).
One of the biggest mistake a traders can make is to predict or preempt the top area, when markets are in strong trend they are always likely to move beyond even boldest of prediction ( and this is applicable both on the upside and downside). Ofcourse one should keep booking part/full profits but taking a call against the market just because the market has moved so much can prove to be a loss making proposition most of the time hence one should avoid this temptation at any cost.
So in nutshell, trend remains UP and as long 13300 is holding its likely to remain UP and Nifty can easily reach 13500-13800 in this wave itself ( its very much possible). For any serious dent to emerge, Bears need to break below 13075 levels else it will remain a bull market.
Happy Trading
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