Medium Term Trend: ↓ Down (Changes to Up above 11365)
Nifty Bounces: Markets opened in +ve territory today and moved above 11K levels. It touched a high of 11075 levels before giving some of the gains and finally settled at 11030. Up 105 points.
Yesterday we saw a huge fall of 200 points from 11100 levels to 10900 and today Nifty managed to recoup a substantial portion of that loss. Yesterday inspite of markets tumbling down we had clearly mentioned that if 10900 level holds then we can see 11k+ levels once again. That's exactly how the markets played out and Nifty managed to close above 11K levels and almost touched 11100 levels in intraday trade.
We had also mentioned a possibility of Nifty making some sort of bottom around 10780 for Near term. If its true then we should be seeing a new high above 11181-200 soon on the other hand if Nifty start exhibiting weakness below 10950 levels then probably 10800 can be tested again and below that 10600 is the immediate target.
Ever since markets touched a low of 10800 we turned cautiously optimistic and for now we continue to remain so. There is a possibility of Nifty moving up towards 11200 levels, however markets are likely to be in near term so sharp moves of 100-150 points can always be expected on both sides hence one should be prepared for such violent moves always.
Happy Trading and Happy Independence day!
Nifty Bounces: Markets opened in +ve territory today and moved above 11K levels. It touched a high of 11075 levels before giving some of the gains and finally settled at 11030. Up 105 points.
Yesterday we saw a huge fall of 200 points from 11100 levels to 10900 and today Nifty managed to recoup a substantial portion of that loss. Yesterday inspite of markets tumbling down we had clearly mentioned that if 10900 level holds then we can see 11k+ levels once again. That's exactly how the markets played out and Nifty managed to close above 11K levels and almost touched 11100 levels in intraday trade.
We had also mentioned a possibility of Nifty making some sort of bottom around 10780 for Near term. If its true then we should be seeing a new high above 11181-200 soon on the other hand if Nifty start exhibiting weakness below 10950 levels then probably 10800 can be tested again and below that 10600 is the immediate target.
Ever since markets touched a low of 10800 we turned cautiously optimistic and for now we continue to remain so. There is a possibility of Nifty moving up towards 11200 levels, however markets are likely to be in near term so sharp moves of 100-150 points can always be expected on both sides hence one should be prepared for such violent moves always.
Happy Trading and Happy Independence day!
No comments:
Post a Comment