Medium Term Trend: ↓ Down (Changes to Up above 11300)
Testing 11000: Nifty opened flat to positive but lack of conviction in green zone pushed it back below 11K. It made another attempt to move in +ve territory in the second half but selling emerged yet again and Nifty went back to 11K. It finally closed at 11017 down 35 points.
Overall there is no change in our stance yet so will repeat what we have been saying since last few days. Its possible that markets have made some sort of bottom around 10780 however for this bounce to stretch further we need to see an upmove above 11175-85 levels. On the downside we had mentioned yesterday that 11K is likely to provide support and if its broken then we can head back to 10850-900 levels. Markets did drop to 11K levels but couldn't break it and it did provide some sort of support to the markets today.
Going forward too, same levels becomes important. Need to see if markets take support at 11K levels and try to push higher. For tomorrow 11075 becomes important above which market can try and test 11185 and if this level is crossed too then we are heading towards 11300 levels for sure. Medium term pivot level has been lowered to 11300 ( from 11365 earlier). If markets can manage to cross and sustain 11300 then much higher levels can be seen in Nifty.
On the downside todays low becomes important and a breach of same could push Nifty back to 10900 levels. Next couple of days are important and we expect markets to start some sort of trending move in next 2-3 days so from this perspective this weeks closing become very important.
Happy Trading
Testing 11000: Nifty opened flat to positive but lack of conviction in green zone pushed it back below 11K. It made another attempt to move in +ve territory in the second half but selling emerged yet again and Nifty went back to 11K. It finally closed at 11017 down 35 points.
Overall there is no change in our stance yet so will repeat what we have been saying since last few days. Its possible that markets have made some sort of bottom around 10780 however for this bounce to stretch further we need to see an upmove above 11175-85 levels. On the downside we had mentioned yesterday that 11K is likely to provide support and if its broken then we can head back to 10850-900 levels. Markets did drop to 11K levels but couldn't break it and it did provide some sort of support to the markets today.
Going forward too, same levels becomes important. Need to see if markets take support at 11K levels and try to push higher. For tomorrow 11075 becomes important above which market can try and test 11185 and if this level is crossed too then we are heading towards 11300 levels for sure. Medium term pivot level has been lowered to 11300 ( from 11365 earlier). If markets can manage to cross and sustain 11300 then much higher levels can be seen in Nifty.
On the downside todays low becomes important and a breach of same could push Nifty back to 10900 levels. Next couple of days are important and we expect markets to start some sort of trending move in next 2-3 days so from this perspective this weeks closing become very important.
Happy Trading
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