Medium Term Trend: ↑UP (down below 11550)
Another pullback: Nifty Opened around 11870 today and kept drifting down, it made a low of around 11825 and turned sharply from there. It finally closed flat at 11905 levels.
We had mentioned that break of 11860-11870 might push nifty back to 11800 levels, Nifty opened at 11870 and fell to 11825 however the fall was not very strong and support came at 11825 levels itself. So Nifty didn't exactly tested 11800 but came very close to it.
Market has been giving this intermittent pullbacks but there is no follow up buying coming over previous days high as a result market remains in this consolidation zone. Even though today we have seen another bounce, for now its just looking like part of ongoing consolidation & Nifty needs to give another strong move above 11950-12K levels to signal that the consolidation/correction we are witnessing is complete now.
So I am going to keep it short & repeat what we I have been saying for many days. Market remains in a strong trend but in short term strength is missing from market & it remains in a consolidation which might continue for few more days ( till Nifty start moving up strongly)
Happy Trading!
Another pullback: Nifty Opened around 11870 today and kept drifting down, it made a low of around 11825 and turned sharply from there. It finally closed flat at 11905 levels.
We had mentioned that break of 11860-11870 might push nifty back to 11800 levels, Nifty opened at 11870 and fell to 11825 however the fall was not very strong and support came at 11825 levels itself. So Nifty didn't exactly tested 11800 but came very close to it.
Market has been giving this intermittent pullbacks but there is no follow up buying coming over previous days high as a result market remains in this consolidation zone. Even though today we have seen another bounce, for now its just looking like part of ongoing consolidation & Nifty needs to give another strong move above 11950-12K levels to signal that the consolidation/correction we are witnessing is complete now.
So I am going to keep it short & repeat what we I have been saying for many days. Market remains in a strong trend but in short term strength is missing from market & it remains in a consolidation which might continue for few more days ( till Nifty start moving up strongly)
Happy Trading!
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