Medium Term Trend: ↑UP (down below 11400)
Downward bias: Nifty Opened slightly weak around 11900 levels and after consolidating around 11900 for most part of the day it dropped to around 11850 levels. Nifty finally closed at 11860 levels down 70 points.
We have been mentioning since last few days that because of various factors ( huge OI at 12k calls , possibility of an extracting triangle & the dragonfly doji yesterday) caution is advised at current levels. Nifty needed to cross and sustain above 11975 levels which it failed to do & as a result market traded weak and has again moved and closed below 11875 levels ( which was the previous resistance level). Nifty has been able to give just 2 closing above 11875-11900 levels (we needed atleast 3 close above 11900 as we had mentioned in our earlier post).Now the entire band of 11900-11975 is likely to offer strong resistance to Nifty. On the downside support exists at 11810 & 11750 levels.
Since Nifty has failed to cross 11975, the current rally still remains smaller than previous rally hence the possibility of extracting triangle is still open. Also today Nifty has made a lower bottom and lower top on daily chart and closed below the low point of yesterday ( below Doji low). Further weakness below todays low could mean sideways to down movement is likely to continue for now.
So for now we continue with same outlook. Nifty needs to cross above 11975 levels and failure to do so might cause some sideways movement or correction however the trend remains up as long as 11400 holds so Nifty has plenty of room to go down and still remain up overall.
we keep guiding and advising our subscribers through regular intraday whatsapp updates as to what needs to be done, when & where to enter 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!
Downward bias: Nifty Opened slightly weak around 11900 levels and after consolidating around 11900 for most part of the day it dropped to around 11850 levels. Nifty finally closed at 11860 levels down 70 points.
We have been mentioning since last few days that because of various factors ( huge OI at 12k calls , possibility of an extracting triangle & the dragonfly doji yesterday) caution is advised at current levels. Nifty needed to cross and sustain above 11975 levels which it failed to do & as a result market traded weak and has again moved and closed below 11875 levels ( which was the previous resistance level). Nifty has been able to give just 2 closing above 11875-11900 levels (we needed atleast 3 close above 11900 as we had mentioned in our earlier post).Now the entire band of 11900-11975 is likely to offer strong resistance to Nifty. On the downside support exists at 11810 & 11750 levels.
Since Nifty has failed to cross 11975, the current rally still remains smaller than previous rally hence the possibility of extracting triangle is still open. Also today Nifty has made a lower bottom and lower top on daily chart and closed below the low point of yesterday ( below Doji low). Further weakness below todays low could mean sideways to down movement is likely to continue for now.
So for now we continue with same outlook. Nifty needs to cross above 11975 levels and failure to do so might cause some sideways movement or correction however the trend remains up as long as 11400 holds so Nifty has plenty of room to go down and still remain up overall.
we keep guiding and advising our subscribers through regular intraday whatsapp updates as to what needs to be done, when & where to enter 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!
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