Medium Term Trend: ↓ Down (Changes to Up above 11365)
Choppiness Continues: Nifty opened around 11815 but immediately bounced back to 11900 levels and kept inching higher for most part of the day. It touched a high of 11015 but failed to sustained and dropped to 10930 levels. It closed at 10948 levels up 31 points.
Nifty had a good long term support at 10985-11040 levels and we have had 3 successive closing below it already which is a bearish sign. If Niftys weekly closing also comes below 10985 levels then the upside possibility will diminish further.
Technically speaking , Nifty entered a strong bearish zone once it moved below 11K levels and now the crack have started appearing globally too, forcing most world markets in a downward mode. But the point to note is that Nifty started its downmove way earlier so it may not move in line with global markets for now. We were bullish on markets as long as 10985-11040 was holding out but now since the range is decisively broken, our stance have changed too and we wont be surprised to see Nifty testing lower levels from here.
For any bullish sentiments to play out, Nifty must conquer 11100 levels ( high of last Friday). A fast move above 11100 followed by crossing of 11360 levels will put Nifty back in the game for testing higher levels. Volatility is increasing daily and 150-200 points movement in one trading session has become a new norm nowadays.
In Nutshell, If Nifty can manage to cross 11100 and 11350 levels then we can hope for Nifty retesting 12K+ levels else weakness below 11900-850 zone could push Nifty all the way to 11600 and below that 10K levels.
Happy Trading!
Choppiness Continues: Nifty opened around 11815 but immediately bounced back to 11900 levels and kept inching higher for most part of the day. It touched a high of 11015 but failed to sustained and dropped to 10930 levels. It closed at 10948 levels up 31 points.
Nifty had a good long term support at 10985-11040 levels and we have had 3 successive closing below it already which is a bearish sign. If Niftys weekly closing also comes below 10985 levels then the upside possibility will diminish further.
Technically speaking , Nifty entered a strong bearish zone once it moved below 11K levels and now the crack have started appearing globally too, forcing most world markets in a downward mode. But the point to note is that Nifty started its downmove way earlier so it may not move in line with global markets for now. We were bullish on markets as long as 10985-11040 was holding out but now since the range is decisively broken, our stance have changed too and we wont be surprised to see Nifty testing lower levels from here.
For any bullish sentiments to play out, Nifty must conquer 11100 levels ( high of last Friday). A fast move above 11100 followed by crossing of 11360 levels will put Nifty back in the game for testing higher levels. Volatility is increasing daily and 150-200 points movement in one trading session has become a new norm nowadays.
In Nutshell, If Nifty can manage to cross 11100 and 11350 levels then we can hope for Nifty retesting 12K+ levels else weakness below 11900-850 zone could push Nifty all the way to 11600 and below that 10K levels.
Happy Trading!
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