Near Term Trend: ↑ (UP)
Market update: Nifty opened weak around 40 point downs at 10850 levels and even touched day low of 10814 before bulls came to support it and pushed it all the way to 10930 (100+ points from day low). Nifty finally closed up 20 points at 10912 levels.
We had mentioned in our last post that Nifty is carrying a lot of momentum and force and there are chances that we might see higher levels from here. On Sensex we already have a 100% retracement of last 6 days fall in just 3 days (50% times). However on Nifty same is yet to be seen. Nifty took 6 days to fall from 10987 levels to 10583 levels and today was the 4th day and we are still below those highs (on budget day Nifty failed to cross the high point by 4-5 points).
Overall there is no change in our view and we still believe Nifty has the power to propel itself to higher levels and that's the reason we changed the near term trend to 'UP'. If we see a breakout above 10985 tomorrow then that will further strengthen our stand.
We had also mentioned that markets are right now giving 4-5 days of alternate bulls and bear moves i.e. it moves up for 4-6 days and then move down for 4-6 days, if market has to break this consolidation & this range bound trading then this alternate bout of buying and selling has to stop as well. Today was already 4th day of the up move so lets see if market follows the same script or offers something new this time around.
Technically speaking, we had said there is possibility that G leg is subdividing or the fall we saw from 10987 to 10583 was just an 'X' wave and same hold true even right now as well. Both these options are bullish options which allows higher levels in Nifty from here.
From trading perspective we had suggested buying above 10840 levels on Thursday (Nifty already saw an intraday rally of 150 points from those levels on Friday). I still suggest going long only with a proper SL of course (Inspite of knowing that whenever Nifty has gone above 10900 it has come crashing down only).
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/2019/01/join-us-on-whatsapp-how-to-subscribe.html
Market update: Nifty opened weak around 40 point downs at 10850 levels and even touched day low of 10814 before bulls came to support it and pushed it all the way to 10930 (100+ points from day low). Nifty finally closed up 20 points at 10912 levels.
We had mentioned in our last post that Nifty is carrying a lot of momentum and force and there are chances that we might see higher levels from here. On Sensex we already have a 100% retracement of last 6 days fall in just 3 days (50% times). However on Nifty same is yet to be seen. Nifty took 6 days to fall from 10987 levels to 10583 levels and today was the 4th day and we are still below those highs (on budget day Nifty failed to cross the high point by 4-5 points).
Overall there is no change in our view and we still believe Nifty has the power to propel itself to higher levels and that's the reason we changed the near term trend to 'UP'. If we see a breakout above 10985 tomorrow then that will further strengthen our stand.
We had also mentioned that markets are right now giving 4-5 days of alternate bulls and bear moves i.e. it moves up for 4-6 days and then move down for 4-6 days, if market has to break this consolidation & this range bound trading then this alternate bout of buying and selling has to stop as well. Today was already 4th day of the up move so lets see if market follows the same script or offers something new this time around.
Technically speaking, we had said there is possibility that G leg is subdividing or the fall we saw from 10987 to 10583 was just an 'X' wave and same hold true even right now as well. Both these options are bullish options which allows higher levels in Nifty from here.
From trading perspective we had suggested buying above 10840 levels on Thursday (Nifty already saw an intraday rally of 150 points from those levels on Friday). I still suggest going long only with a proper SL of course (Inspite of knowing that whenever Nifty has gone above 10900 it has come crashing down only).
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/2019/01/join-us-on-whatsapp-how-to-subscribe.html
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