Medium Term Trend: ↑ UP (Changes to down below 10583)
Back to 11k : Nifty opened weak around 11K levels and keep trading between 10975-11040 levels for most part of the. It finally closed at 11004, down 70 points.
Friday, Nifty had closed above 11075 levels which put Nifty in a uptrend for the medium term as per us however the global weakness on account of attack on Saudi Oil facilities ensured that Nifty once again dropped to 11K levels, however this doesn't change much and the current fall should be seen as a minor corrective move before the next wave on the upside begins.
Going forward Nifty can see some more weakness towards 10950-10900 levels but for now its unlikely that it would developed into something bigger on the downside. Any big move on the downside can be expected only once market break below 10800 ( and then 10583 below that).
In summary, inspite of a 70 point fall today, we remain bullish on markets in near term and expect market to start moving as soon as its done consolidating around current levels. Consolidation or the corrective move we are seeing can continue for few more days and once Nifty start trading above 11100 levels and 11240 above that then we can safely conclude that a fresh upmove has started on the upside. For immediate basis expect 10900-950 to offer very good support to Nifty.
Perspective will change only once Nifty start trading below 10800-825 levels.
Happy Trading!
Back to 11k : Nifty opened weak around 11K levels and keep trading between 10975-11040 levels for most part of the. It finally closed at 11004, down 70 points.
Friday, Nifty had closed above 11075 levels which put Nifty in a uptrend for the medium term as per us however the global weakness on account of attack on Saudi Oil facilities ensured that Nifty once again dropped to 11K levels, however this doesn't change much and the current fall should be seen as a minor corrective move before the next wave on the upside begins.
Going forward Nifty can see some more weakness towards 10950-10900 levels but for now its unlikely that it would developed into something bigger on the downside. Any big move on the downside can be expected only once market break below 10800 ( and then 10583 below that).
In summary, inspite of a 70 point fall today, we remain bullish on markets in near term and expect market to start moving as soon as its done consolidating around current levels. Consolidation or the corrective move we are seeing can continue for few more days and once Nifty start trading above 11100 levels and 11240 above that then we can safely conclude that a fresh upmove has started on the upside. For immediate basis expect 10900-950 to offer very good support to Nifty.
Perspective will change only once Nifty start trading below 10800-825 levels.
Happy Trading!
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