Medium Term Trend: ↓ Down (Changes to Up above 11365)
Gave up all the gains: Nifty opened strong today around 11100 levels and even went on to touch levels of 11150 before letting go of all the gains and closing almost flat.
Nifty has been showing strength at lower levels ( 10800-10900) at the same time its also seeing some selling pressure above 11100 levels. Twice markets have tried but failed to close above 11150 levels.
We have been mentioning that Nifty has support at 10800-10900 levels and we could see some sort of a bounce back from these levels. We have seen a bounce back however for this bounce back to stretch further, we need to see a move above 11170-11185 levels. If markets can move and close above these levels then there is a strong possibility of Nifty testing 11350 levels ( which is also a crucial level for the medium term as per us). Technically too many daily oscillators have also started moving in +ve territory now ( MACD turned bullish couple of days back).
For now inspite of the fact that we saw a sell off from days high, the short term upmove which started from 10800 still remains on track and we need to see if markets attempts another shot at 11170-11185 levels and manages to surpass it. Once this level is conquered we can hope to see another 150-200 point rally in Nifty. On the down side if 11K level breaks then probably we are heading back to 10850-900 levels.
Happy Trading
Gave up all the gains: Nifty opened strong today around 11100 levels and even went on to touch levels of 11150 before letting go of all the gains and closing almost flat.
Nifty has been showing strength at lower levels ( 10800-10900) at the same time its also seeing some selling pressure above 11100 levels. Twice markets have tried but failed to close above 11150 levels.
We have been mentioning that Nifty has support at 10800-10900 levels and we could see some sort of a bounce back from these levels. We have seen a bounce back however for this bounce back to stretch further, we need to see a move above 11170-11185 levels. If markets can move and close above these levels then there is a strong possibility of Nifty testing 11350 levels ( which is also a crucial level for the medium term as per us). Technically too many daily oscillators have also started moving in +ve territory now ( MACD turned bullish couple of days back).
For now inspite of the fact that we saw a sell off from days high, the short term upmove which started from 10800 still remains on track and we need to see if markets attempts another shot at 11170-11185 levels and manages to surpass it. Once this level is conquered we can hope to see another 150-200 point rally in Nifty. On the down side if 11K level breaks then probably we are heading back to 10850-900 levels.
Happy Trading
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