Medium Term Trend: ↓ Down (Up above 11900)
Lack of Confidence : Nifty opened flat at 11350 and dropped to 11320 levels, made a smart recovery to 11400 but couldn't sustain at higher levels and dropped to 11300 levels once again. It finally closed at 11330 down 15 points.
Yesterday we had mentioned that 11300-325 seems to be a good support for now and risky traders can initiate buy in small qty around this level. Today in the morning , Nifty touched 11320 and touched 11400 so there were some intraday points to be made. Again markets touched 11300 levels so if someone is still holding long position or initiated fresh long towards day close then he can continue to hold for now ( with a SL of around 11260)
Nifty was expected to fill the gap at 11375-11400 and while it did fill the gap today it failed to sustain above it however its too soon to judge if markets will attempt to cross 11400 again or not ideally it should but lets see what market has in its mind.
For a medium term perspective once 11525-11575 was broken our immediate target was around 11300-350 levels which is already achieved so now we need to observe if nifty is able to conjure some kind of support at 11300-11350 levels attempts to move higher. Nifty needs to move above 11525 and then 11600 levels to give some sign of trend reversal. If 11600 is crossed then retesting of 11800-900 is possible on the other hand if nifty start hanging around current levels then probably 11300 wont be able to support markets for long.
Happy Trading!!
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