Near Term Trend: ↑UP
Market update: Nifty trend opened tentatively and stabilized around 11370 levels before shooting up to 11490 levels in second half. It closed 130 point up at 11480 levels.
When markets are in a trend the counter trend movement usually don't extend beyond 2-3 days and that's what we witnessed today. Todays movement was pretty strong and important thing was that Nifty filled the gap it had created yesterday ( that takes out the bearish implication of the previous gap down). Now if markets can sustain above 11490 levels and goes on to cross 11560 levels then probably we are going all the way to 11750 or higher.
However its not given that markets are done with the correction and the entire range 11560 to 11320 should be observed carefully as the break on the either side could prove to be decisive. If nifty again reverses from here and goes on to break 11350/11250 levels then bearish implications will surface again.
In nutshell nothing much to add today. Nifty remain in a uptrend ( corrective or impulsive doesn't matter) and weakness it was showing since last 2 days has been negated to much extent by todays strong bullish move. Now we need to see if todays move is genuine move and whether its able to sustain ( if Nifty again reverses from here then probably it was just a false move) on the other hand strength over todays high and a cross over above 11565 levels will signify that the current up move has some more steam left & markets may see higher levels from here.
Happy Trading!
Market update: Nifty trend opened tentatively and stabilized around 11370 levels before shooting up to 11490 levels in second half. It closed 130 point up at 11480 levels.
When markets are in a trend the counter trend movement usually don't extend beyond 2-3 days and that's what we witnessed today. Todays movement was pretty strong and important thing was that Nifty filled the gap it had created yesterday ( that takes out the bearish implication of the previous gap down). Now if markets can sustain above 11490 levels and goes on to cross 11560 levels then probably we are going all the way to 11750 or higher.
However its not given that markets are done with the correction and the entire range 11560 to 11320 should be observed carefully as the break on the either side could prove to be decisive. If nifty again reverses from here and goes on to break 11350/11250 levels then bearish implications will surface again.
In nutshell nothing much to add today. Nifty remain in a uptrend ( corrective or impulsive doesn't matter) and weakness it was showing since last 2 days has been negated to much extent by todays strong bullish move. Now we need to see if todays move is genuine move and whether its able to sustain ( if Nifty again reverses from here then probably it was just a false move) on the other hand strength over todays high and a cross over above 11565 levels will signify that the current up move has some more steam left & markets may see higher levels from here.
Happy Trading!
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