Near Term Trend: ↑UP
Market update: Nifty opened slightly in green & kept trading in a small range between 11510 11560 & finally closed flat at 11520 levels down 10 points.
Even though Nifty closed slightly in red, Sensex posted yet another +ve close ( 8th in a row). 8-9 days of a consecutive move in one direction is the max which is seen. Few days back when Nifty fell from 1118 to 10585 levels then too we had witnessed an 8-9 days of straight fall.
Markets continue to remain overbought and everyday it keeps getting deeper in the overbought territory on multiple indicators. However price movement remains on the bullish side and there is no sign yet that its done with the upmove. But keep in mind price movement can turn anytime without any warning so one needs to be very very careful now.
Nifty completed 261.8% retracement today ( in terms of time). It was 99th day of the move from lows of 10K. 250%-261.8% is the general retracement level seen ( max is 300% but its rare). Indicators after indicators are suggesting that markets may correct from here now how deep or long the correction going to be that remains to be seen. Daily RSI is hovering around 80 which is historical high ( higher than even Aug 2018 when Nifty was at 11750).
Overall not much change in our view, markets remain overbought and getting tired now so a correction is definitely round the corner now how deep or long it will be or whether it will be a shorting opportunity or a buy opportunity, that remains to be seen.
Happy Trading!
Market update: Nifty opened slightly in green & kept trading in a small range between 11510 11560 & finally closed flat at 11520 levels down 10 points.
Even though Nifty closed slightly in red, Sensex posted yet another +ve close ( 8th in a row). 8-9 days of a consecutive move in one direction is the max which is seen. Few days back when Nifty fell from 1118 to 10585 levels then too we had witnessed an 8-9 days of straight fall.
Markets continue to remain overbought and everyday it keeps getting deeper in the overbought territory on multiple indicators. However price movement remains on the bullish side and there is no sign yet that its done with the upmove. But keep in mind price movement can turn anytime without any warning so one needs to be very very careful now.
Nifty completed 261.8% retracement today ( in terms of time). It was 99th day of the move from lows of 10K. 250%-261.8% is the general retracement level seen ( max is 300% but its rare). Indicators after indicators are suggesting that markets may correct from here now how deep or long the correction going to be that remains to be seen. Daily RSI is hovering around 80 which is historical high ( higher than even Aug 2018 when Nifty was at 11750).
Overall not much change in our view, markets remain overbought and getting tired now so a correction is definitely round the corner now how deep or long it will be or whether it will be a shorting opportunity or a buy opportunity, that remains to be seen.
Happy Trading!
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