Medium Term Trend: ↑UP (down below 11550)
Nifty consolidates: Nifty opened again at 11950 and it moved between 11900 & 12K levels and finally closed at 11965 up 40 odd points.
Nifty today ( yet again) posted another doji, its opening and close price is almost same and has long upper (towards 12k) and lower ( towards 11900) shadows. After posting 2 consecutive Dojis, market are giving indications that its still indecisive and there are chances that the upmove we are seeing from 10770 levels is just a pull back and market can go and test 11800 level once again.
Yesterday we had mentioned that Nifty needs a strong close above 11970 levels, though it did break the level intraday but the manner it was broken was lacking conviction and the close has come below 11970 too hence caution should be maintained even now & also keep in mind that 11975 is the 61.8% retracement level of the entire fall from 12103 to 11770.
Since today was another Doji, the resistance moves higher to 12K now. For immediate level the range becomes 11870 & 12K and a break of these levels might push Nifty further in that direction. Nifty OI continues to hover around 1.9crores ( which is not heavy but not light either).
Global market continue to push higher & Dow put up another 100 point rally (5th consecutive one) and at the time of writing this post, the Dow future is again trading up 150 points so this definitely goes in the favour of bulls.
For bullish scenario to emerge we need a strong push above 12K levels and alternatively break of 11870-50 levels will fuel bearish sentiments and might push Nifty lower.
Happy Trading!
Nifty consolidates: Nifty opened again at 11950 and it moved between 11900 & 12K levels and finally closed at 11965 up 40 odd points.
Nifty today ( yet again) posted another doji, its opening and close price is almost same and has long upper (towards 12k) and lower ( towards 11900) shadows. After posting 2 consecutive Dojis, market are giving indications that its still indecisive and there are chances that the upmove we are seeing from 10770 levels is just a pull back and market can go and test 11800 level once again.
Yesterday we had mentioned that Nifty needs a strong close above 11970 levels, though it did break the level intraday but the manner it was broken was lacking conviction and the close has come below 11970 too hence caution should be maintained even now & also keep in mind that 11975 is the 61.8% retracement level of the entire fall from 12103 to 11770.
Since today was another Doji, the resistance moves higher to 12K now. For immediate level the range becomes 11870 & 12K and a break of these levels might push Nifty further in that direction. Nifty OI continues to hover around 1.9crores ( which is not heavy but not light either).
Global market continue to push higher & Dow put up another 100 point rally (5th consecutive one) and at the time of writing this post, the Dow future is again trading up 150 points so this definitely goes in the favour of bulls.
For bullish scenario to emerge we need a strong push above 12K levels and alternatively break of 11870-50 levels will fuel bearish sentiments and might push Nifty lower.
Happy Trading!
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