Near Term Trend: ↓ Down
Market update: Nifty opened flat , traded flat and closed flat.
Even thought market didn't move much ( infact didn't move at all) but the fact that it held the gains of previous days, continue to point in the direction that probably the down move is done for the time being. However not all is lost for Bears yet. Markets have still closed below the extremely crucial zone of 10800-10850 which should keep the bears morale high going into the weekend.
For bearish trend to resume we need a strong fall below 10700 levels now and on the contrary if bulls manage to push markets a little more from here and sustain it then probably we can see this upmove stretching a bit more from here.
What is heartening to see is the consistent positive breadth of the markets. 3rd day running the advance decline ratio was positive (34:16). Participation across the board has been good which is something missing from the markets for quite a while. However it will take just 1 bad day to put things back where they started from.
So for now we will keep the trend as 'Down' only but we are probably one just one more nudge away from changing it to "UP" but no point in anticipating it and we will believe it when we see it. For now refrain from taking positions at current prices and like we have been saying, let markets show signs of weakness ( if you want to create shorts) which are still not visible or wait for 10800-850 to be taken out if you want to go long. Current level is basically a no-mans land and such flat trading today indicates only one thing. Markets are creating a base/pad to launch its next move.
Technically we continue to be inside this complex corrective however like we said in previous post, there are plenty of indications which are telling that not much time remaining for it to be over.
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
You may follow us on Twitter: Nifty Trend @Niftytarget
Market update: Nifty opened flat , traded flat and closed flat.
Even thought market didn't move much ( infact didn't move at all) but the fact that it held the gains of previous days, continue to point in the direction that probably the down move is done for the time being. However not all is lost for Bears yet. Markets have still closed below the extremely crucial zone of 10800-10850 which should keep the bears morale high going into the weekend.
For bearish trend to resume we need a strong fall below 10700 levels now and on the contrary if bulls manage to push markets a little more from here and sustain it then probably we can see this upmove stretching a bit more from here.
What is heartening to see is the consistent positive breadth of the markets. 3rd day running the advance decline ratio was positive (34:16). Participation across the board has been good which is something missing from the markets for quite a while. However it will take just 1 bad day to put things back where they started from.
So for now we will keep the trend as 'Down' only but we are probably one just one more nudge away from changing it to "UP" but no point in anticipating it and we will believe it when we see it. For now refrain from taking positions at current prices and like we have been saying, let markets show signs of weakness ( if you want to create shorts) which are still not visible or wait for 10800-850 to be taken out if you want to go long. Current level is basically a no-mans land and such flat trading today indicates only one thing. Markets are creating a base/pad to launch its next move.
Technically we continue to be inside this complex corrective however like we said in previous post, there are plenty of indications which are telling that not much time remaining for it to be over.
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
You may follow us on Twitter: Nifty Trend @Niftytarget
No comments:
Post a Comment