Medium Term Trend: ↓ Down (Changes to Up above 11220)
Cooling off: Nifty opened flattish to positive but failed to sustain above 11100 levels. it dropped below 11K levels momentarily but recovered a bit in last hour to close at 11050 levels, down 60 points.
Yesterday we had mentioned that Nifty needs to take out 11175-11220 levels to establish the upmove firmly, however Nifty failed to do that but inspite of that nothing has changed now. We still believe that there is a strong probability of market hitting a near term bottom around 10650 levels but to confirm that we need a move above 11175-11220 levels. If nifty can sustain above 11200 levels then it will be a very big positive for markets.
Nifty might have dropped below 11K today but the fall was shallow and too slow and for now looking like a corrective pullback. If we see follow up selling below 10980 levels tomorrow then we will have to analyse it further but till then we don't think we should be reading too much into it.
So for now there is no change in our view and if Nifty crosses and sustain above 11220 then it could open a gateway to much higher levels & on the downside 10980 and below that 10900 levels should act as a very strong support. Tomorrow is expiry day so market can behave erratically but after that we should be seeing a clear trending move (of course choppy moves and sudden fall of 150-200 can always be expected).For Aug series there is a strong OI in calls @ 11100 level and in puts @11000 level so probably expiry is going to be somewhere between 11K and 11100 levels.
Happy Trading!
Cooling off: Nifty opened flattish to positive but failed to sustain above 11100 levels. it dropped below 11K levels momentarily but recovered a bit in last hour to close at 11050 levels, down 60 points.
Yesterday we had mentioned that Nifty needs to take out 11175-11220 levels to establish the upmove firmly, however Nifty failed to do that but inspite of that nothing has changed now. We still believe that there is a strong probability of market hitting a near term bottom around 10650 levels but to confirm that we need a move above 11175-11220 levels. If nifty can sustain above 11200 levels then it will be a very big positive for markets.
Nifty might have dropped below 11K today but the fall was shallow and too slow and for now looking like a corrective pullback. If we see follow up selling below 10980 levels tomorrow then we will have to analyse it further but till then we don't think we should be reading too much into it.
So for now there is no change in our view and if Nifty crosses and sustain above 11220 then it could open a gateway to much higher levels & on the downside 10980 and below that 10900 levels should act as a very strong support. Tomorrow is expiry day so market can behave erratically but after that we should be seeing a clear trending move (of course choppy moves and sudden fall of 150-200 can always be expected).For Aug series there is a strong OI in calls @ 11100 level and in puts @11000 level so probably expiry is going to be somewhere between 11K and 11100 levels.
Happy Trading!
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