Medium Term Trend: ↓ Down (Changes to Up above 11800)
11200 holds: Nifty opened flat and dropped to 11220 levels made after hovering around 11220 levels for some time it recovered and touched 11300 however failed to crossed it & closed at 11284 Up 30 points.
Nifty has been falling for last few days ( weeks actually) and even broken through some of the crucial resistance which was sitting at 11600 and then at 11300-325 however inspite of all this the long term trend still remains up & will remain up till the levels of 11100-11000 ( 10985 to be precise ) is not broken decisively. 11200 seems to be a good support for Nifty and while its holding there are chances that market can bounce up and try to test 11400-500 or higher levels. However if 11200 gets broken then the chances are mkt will test 11K-11100 range.
For now inspite of the continuous fall we are witnessing, chances remains that market will make some sort of bottom around 11200 attempts to push higher hence we still recommend 'buy on dips' strategy for risky and smart traders as the charts continue to suggest that a pullback is round the corner.
Happy Trading
No comments:
Post a Comment