Medium Term Trend: ↑UP (down below 11550)
Strong day: Nifty opened slightly positive inspite of weak global cues & kept marching up through out the day. It closed at 12090 levels , up 165 points.
The way market were falling on Friday did open up a possibility of minor or major correction however the way Nifty has moved today & even crossed even 12040 levels suggests that correction has to wait for some time more probably.
Global markets ( US in particular) were falling since last few days and probably the negative sentiments in general public (surrounding global markets) have acted as a tonic for our markets and helped Nifty put up a healthy gain today Now that we have successfully crossed and closed above 12040 it opens up gates of even higher level (12300-12500 or even higher) for Nifty. Going forward 12K-12040 level now should act as a good support.
The way markets have discounted fall in global markets probably suggest some sharp recovery in global markets in coming few days also the upcoming RBI policy ( and a possibility of rate cut) is also fuelling this rally. Market trend remains up on most time frame and theres just small negative divergences on hourly charts, apart from that there is nothing negative in markets for now.
We had mentioned in one of the previous post that Market have a habit of hitting high on euphoric day and the high hit on election day (12040) was one such possibility hence we were advising caution. However now that same has been successfully crossed and markets have managed to closed above it, that option is largely negated. If Nifty can give couple of closing above 12040-75 levels then it will be further substantiated.
In summary, If Nifty can sustain 12000-12050 levels going forward then there is a possibility of markets giving a good move up from here on the other hand if 12K level is breached again in nex 1-2 days then the possibility of todays move being just a false move opens up again too.
Happy Trading!
Strong day: Nifty opened slightly positive inspite of weak global cues & kept marching up through out the day. It closed at 12090 levels , up 165 points.
The way market were falling on Friday did open up a possibility of minor or major correction however the way Nifty has moved today & even crossed even 12040 levels suggests that correction has to wait for some time more probably.
Global markets ( US in particular) were falling since last few days and probably the negative sentiments in general public (surrounding global markets) have acted as a tonic for our markets and helped Nifty put up a healthy gain today Now that we have successfully crossed and closed above 12040 it opens up gates of even higher level (12300-12500 or even higher) for Nifty. Going forward 12K-12040 level now should act as a good support.
The way markets have discounted fall in global markets probably suggest some sharp recovery in global markets in coming few days also the upcoming RBI policy ( and a possibility of rate cut) is also fuelling this rally. Market trend remains up on most time frame and theres just small negative divergences on hourly charts, apart from that there is nothing negative in markets for now.
We had mentioned in one of the previous post that Market have a habit of hitting high on euphoric day and the high hit on election day (12040) was one such possibility hence we were advising caution. However now that same has been successfully crossed and markets have managed to closed above it, that option is largely negated. If Nifty can give couple of closing above 12040-75 levels then it will be further substantiated.
In summary, If Nifty can sustain 12000-12050 levels going forward then there is a possibility of markets giving a good move up from here on the other hand if 12K level is breached again in nex 1-2 days then the possibility of todays move being just a false move opens up again too.
Happy Trading!
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