Medium Term Trend: ↑ UP (Changes to down below 10583)
11075 Conquered : Nifty opened flat but quickly dropped to 10950 levels. After threatening to make a move down it started moving up in late trade and touched 11080 levels. It closed at 11076 up almost 100points.
11075 was our pivotal level for medium term and same has been crossed today. Though the move has been slow and has taken more time than we would have ideally liked to see but still it doesn't change much. Yesterday when Nifty failed to cross 11075 levels and started moving down, there was a possibility of markets giving one more dip on the downside before moving up. Markets did fall below 11K levels but the fall wasn't steep and was arrested at 10950 levels itself.
Now that we have successfully closed above 11075 levels ( that too on weekly charts as well) further strength and one more close above 11075 should open higher targets for Nifty. We see 11240-250 as the next logical target for Nifty and 11K should offer good amount of support for Nifty.
If Nifty can show strength above 11250 levels then there is a possibility of Nifty testing much higher levels from here (11400-11500+). Most of the bad news is already factored in by the markets and US markets are already near their all time high. So from that perspective Nifty has a lot of catching up to do.
Happy Trading!
11075 Conquered : Nifty opened flat but quickly dropped to 10950 levels. After threatening to make a move down it started moving up in late trade and touched 11080 levels. It closed at 11076 up almost 100points.
11075 was our pivotal level for medium term and same has been crossed today. Though the move has been slow and has taken more time than we would have ideally liked to see but still it doesn't change much. Yesterday when Nifty failed to cross 11075 levels and started moving down, there was a possibility of markets giving one more dip on the downside before moving up. Markets did fall below 11K levels but the fall wasn't steep and was arrested at 10950 levels itself.
Now that we have successfully closed above 11075 levels ( that too on weekly charts as well) further strength and one more close above 11075 should open higher targets for Nifty. We see 11240-250 as the next logical target for Nifty and 11K should offer good amount of support for Nifty.
If Nifty can show strength above 11250 levels then there is a possibility of Nifty testing much higher levels from here (11400-11500+). Most of the bad news is already factored in by the markets and US markets are already near their all time high. So from that perspective Nifty has a lot of catching up to do.
Happy Trading!
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