Medium Term Trend: ↑UP (down below 11550)
11700 Holds: Nifty opened slightly positive around 11750 but quickly dropped to 11700 levels. It traded around 11700 for entire day and in last hour dropped to 11670 levels but once again quickly made a small jump and reclaimed l11700 levels. It closed at 11700 down 20 points.
Overall trading range was pretty tight today however Nifty failed to break above 11750 levels and on the downside buying again emerged as soon as Nifty dropped below 11700 levels. For now support is seen between 11600-700 levels and whenever Nifty drops in this range, good amount of buying emerges which supports Nifty & it again starts moving up. However it remains to be seen for how long 11600 level continue to support Nifty.
This week is an important week ( being an expiry week) and most probably will set the tone for next 1-2 months. Though overall Nifty is still in a larger up trend but there are no clear signs yet that the correction which started from 12100 levels is complete so one should continue to be watchful for now. 12040-12100 is no ordinary high, its the high touched by market during election day result when the optimism was at its extreme and the results were announced on 23rd may, today its 24th June & exactly a month since results were announced and even after one months markets are still trading below that high.
Market has been giving sharp and wild chopping moves since last few days and we had mentioned this is generally witnessed when markets are preparing for a big move hence traders on both sides needs to be cautious as market can move strongly in any direction and for now keeping everyone guessing however its entirely possible that we continue to see some more wild/choppy moves in next few days.
In summary, trend remains up as long as 11550-600 levels hold but Nifty to needs to quickly move above 11900-950 levels to signal that the correction we are witnessing since last few weeks is over.
Happy Trading!!
11700 Holds: Nifty opened slightly positive around 11750 but quickly dropped to 11700 levels. It traded around 11700 for entire day and in last hour dropped to 11670 levels but once again quickly made a small jump and reclaimed l11700 levels. It closed at 11700 down 20 points.
Overall trading range was pretty tight today however Nifty failed to break above 11750 levels and on the downside buying again emerged as soon as Nifty dropped below 11700 levels. For now support is seen between 11600-700 levels and whenever Nifty drops in this range, good amount of buying emerges which supports Nifty & it again starts moving up. However it remains to be seen for how long 11600 level continue to support Nifty.
This week is an important week ( being an expiry week) and most probably will set the tone for next 1-2 months. Though overall Nifty is still in a larger up trend but there are no clear signs yet that the correction which started from 12100 levels is complete so one should continue to be watchful for now. 12040-12100 is no ordinary high, its the high touched by market during election day result when the optimism was at its extreme and the results were announced on 23rd may, today its 24th June & exactly a month since results were announced and even after one months markets are still trading below that high.
Market has been giving sharp and wild chopping moves since last few days and we had mentioned this is generally witnessed when markets are preparing for a big move hence traders on both sides needs to be cautious as market can move strongly in any direction and for now keeping everyone guessing however its entirely possible that we continue to see some more wild/choppy moves in next few days.
In summary, trend remains up as long as 11550-600 levels hold but Nifty to needs to quickly move above 11900-950 levels to signal that the correction we are witnessing since last few weeks is over.
Happy Trading!!
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