Medium Term Trend: ↓ Down (Changes to Up above 11220)
Choppy Day Nifty opened flat and quickly added 60 odd points jumped to 11020 levels only to dive down below 10900 levels. It made a U turn once again and crossed above 11K and almost at day high @11023 up 75 points.
Nifty was again volatile but like we had mentioned in previous post that 10900-940 is likely to provide good support to Nifty and there is no real sign of worry as long as 10850 holds as any serious downside is expected below 10850 only. Nifty did break 10900 momentarily but couldn't sustain it and as expected it bounced back again.
Now that we have made a close above 11K levels , the next target for nifty is to breach the 11150-175 & 11220 levels above that. This level is providing stiff resistance to Nifty but it has been tested too many times and most likely , sooner or later, markets will break it ( this is what we feel as of today).
GDP numbers came in the evening and they don't look good. @ 5% GDP is at its slowest growth in last 6 years. This is likely to weigh in on markets when markets open for trading next week, though it was more or less expected and factored in by Markets.
In Nutshell, the pull back which started from lows of 10650 levels still continues and Market can break above 11220 levels then there is a possibility of this pullback changing into a fresh upmove. On the downside break below 10850 will most probably put an end to it.
Happy Trading!!
Choppy Day Nifty opened flat and quickly added 60 odd points jumped to 11020 levels only to dive down below 10900 levels. It made a U turn once again and crossed above 11K and almost at day high @11023 up 75 points.
Nifty was again volatile but like we had mentioned in previous post that 10900-940 is likely to provide good support to Nifty and there is no real sign of worry as long as 10850 holds as any serious downside is expected below 10850 only. Nifty did break 10900 momentarily but couldn't sustain it and as expected it bounced back again.
Now that we have made a close above 11K levels , the next target for nifty is to breach the 11150-175 & 11220 levels above that. This level is providing stiff resistance to Nifty but it has been tested too many times and most likely , sooner or later, markets will break it ( this is what we feel as of today).
GDP numbers came in the evening and they don't look good. @ 5% GDP is at its slowest growth in last 6 years. This is likely to weigh in on markets when markets open for trading next week, though it was more or less expected and factored in by Markets.
In Nutshell, the pull back which started from lows of 10650 levels still continues and Market can break above 11220 levels then there is a possibility of this pullback changing into a fresh upmove. On the downside break below 10850 will most probably put an end to it.
Happy Trading!!
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