Medium Term Trend: ↑UP (Changes to down below 10900)
Touching 11500: Nifty is maintaining its upward march, made a new high and moved above 11500 levels today. There was some volatility seen in the second half when Nifty dropped to around 11420 levels but it recovered before the end and closed at 11470 ( almost flat).
Like we mentioned in the previous post ("if levels around 11350 holds then we can see much higher levels in Nifty"), Nifty pushed and moved above 11500 levels intraday. Nifty has some resistance in 11550-11600 area but as long as 11375-11400 level is holding the short term uptrend remains intact and Nifty can test the resistance area around 11575-11600 area and even move beyond it towards 11800 levels.
Nifty is not willing to give any major correction (as yet) and as a trader we have to respect it, even though we are seeing some tiredness setting in and some negative divergences , there is absolutely nothing on the price chart which is suggesting a trend reversal for now. For a major correction we need Nifty to break below 11150 level then 10900 levels ( which seems far away for now).
From immediate or short term perspective 11375-11400 level is critical and if Nifty break below todays low and then start trading and sustaining below 11400 levels then short term picture could start to change. But till then Nifty remains strong and long positions can be maintained till this level holds.
So nothing much to add today, market is in a upmove so as a trader keep riding this upmove with trailing SL (as mentioned above) and once SL hits, exit, review your strategy, observe markets and reenter.
Happy Trading!
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