Near Term Trend: ↑ UP
Market udate: Nifty opened weak and didn't trade in green even for a moment. Towards the mid session it threatened to break below 10700 but didn't and closed down almost 50 points down at 10746 levels.
Overall todays session was again in line with what has been happening since last 5-6 days. Only thing is Nifty didn't see any selling pressure in the last hour ( since last 5 days Nifty has been seeing a sell off after 2.30PM). We had mentioned in our post yesterday that we would like to see if Nifty takes support at 75-80% retracement level which is sitting at 10716-10692. Today market tested the exact 75% retracement level (10718) and managed a small bounce from there. Even though it wasn't much but atleast markets shown some bit of respect to it. So for now we are keeping the status unchanged.
Now we need to see if markets can build on something from here and try to salvage some of the lost pride. Nifty/Sensex have been falling since last 6 days and markets can not be so much one sided sooner or later a corrective bounce will come. Even the sellers looked tired today. We have been saying that even though markets are getting weaker by day they are lacking momentum. Today was no different.
All the negative things we mentioned yesterday about market stays intact even today and one more thing have been added to it. Oscillators and indicators have started turning down & in "sell" mode one by one. Still we believe that probability of markets bouncing from here ( even if its just a technical bounce) is open.We also saw positive divergence today with bank nifty which closed in +ve territory
Technically no change in our midterm/near term outlook which we posted couple of days back. Nifty remains in a corrective leg ( from lows of 10K) and it seems some more parts to this corrective legs are still pending and Nifty will resume its downtrend only when all parts are complete.
You may ref http://niftywaveindia.blogspot.com/search/label/Nifty%20Specials for the detailed wave count and analysis.
Markets are very close to being in oversold territory so if one is planning a short then keep a tight stop loss as short covering/value buying can bring some relief . Fresh shorts are actually not recommended at these level.
We keep guiding and advising our subscribers through regular intraday whatsapp updates as to what needs to be done during trading hours. If you wish to subscribe to our live whatsapp Nifty calls/trading recommendation then you may subscribe using below link:
http://niftywaveindia.blogspot.com/2019/02/join-us-on-whatsapp-how-to-subscribe.html
Happy Trading to you!!
Market udate: Nifty opened weak and didn't trade in green even for a moment. Towards the mid session it threatened to break below 10700 but didn't and closed down almost 50 points down at 10746 levels.
Overall todays session was again in line with what has been happening since last 5-6 days. Only thing is Nifty didn't see any selling pressure in the last hour ( since last 5 days Nifty has been seeing a sell off after 2.30PM). We had mentioned in our post yesterday that we would like to see if Nifty takes support at 75-80% retracement level which is sitting at 10716-10692. Today market tested the exact 75% retracement level (10718) and managed a small bounce from there. Even though it wasn't much but atleast markets shown some bit of respect to it. So for now we are keeping the status unchanged.
Now we need to see if markets can build on something from here and try to salvage some of the lost pride. Nifty/Sensex have been falling since last 6 days and markets can not be so much one sided sooner or later a corrective bounce will come. Even the sellers looked tired today. We have been saying that even though markets are getting weaker by day they are lacking momentum. Today was no different.
All the negative things we mentioned yesterday about market stays intact even today and one more thing have been added to it. Oscillators and indicators have started turning down & in "sell" mode one by one. Still we believe that probability of markets bouncing from here ( even if its just a technical bounce) is open.We also saw positive divergence today with bank nifty which closed in +ve territory
Technically no change in our midterm/near term outlook which we posted couple of days back. Nifty remains in a corrective leg ( from lows of 10K) and it seems some more parts to this corrective legs are still pending and Nifty will resume its downtrend only when all parts are complete.
You may ref http://niftywaveindia.blogspot.com/search/label/Nifty%20Specials for the detailed wave count and analysis.
Markets are very close to being in oversold territory so if one is planning a short then keep a tight stop loss as short covering/value buying can bring some relief . Fresh shorts are actually not recommended at these level.
We keep guiding and advising our subscribers through regular intraday whatsapp updates as to what needs to be done during trading hours. If you wish to subscribe to our live whatsapp Nifty calls/trading recommendation then you may subscribe using below link:
http://niftywaveindia.blogspot.com/2019/02/join-us-on-whatsapp-how-to-subscribe.html
Happy Trading to you!!
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