Medium Term Trend: ↑ UP (Changes to down below 11050)
Adding Strength : Nifty opened flat and consolidated around 11600 levels for most part of the day. It closed at 11590 , down 10 points.
Nifty has gone up more than a 1000 points in last 2-3 trading session. We had continuously been mentioning since last one month that 10700-10800 is a possible bottoming out zone and could be a long term bottom for Nifty and if Nifty holds it that it can touch higher levels. Nifty indeed made a bottom around 10700 levels and after spending few days of high volatility it jumped in one sharp move and took everyone with surprise. Of course the corp rate tax cut helped but markets were destined to move higher anyways (announcements/reasons are always secondary). If markets wants to move up they will find some or the other excuse to do so ( same is true when it wants to go down).
Going forward, now since that Nifty has moved so much hence we could see some consolidation or range bound movement at current levels or its entirely possible that we see one more sharp upmove and then see some correction/sideway movement but the overall trajectory of Market in near term is likely to remain up now. On the downside 11350-11450 should offer good support to Nifty now.
In Nutshell, Nifty is now in a strong uptrend and is likely to move up further in near term from these levels hence any dip should be utilized for going long only. We don't recommend going short at any level.
Happy Trading!
Adding Strength : Nifty opened flat and consolidated around 11600 levels for most part of the day. It closed at 11590 , down 10 points.
Nifty has gone up more than a 1000 points in last 2-3 trading session. We had continuously been mentioning since last one month that 10700-10800 is a possible bottoming out zone and could be a long term bottom for Nifty and if Nifty holds it that it can touch higher levels. Nifty indeed made a bottom around 10700 levels and after spending few days of high volatility it jumped in one sharp move and took everyone with surprise. Of course the corp rate tax cut helped but markets were destined to move higher anyways (announcements/reasons are always secondary). If markets wants to move up they will find some or the other excuse to do so ( same is true when it wants to go down).
Going forward, now since that Nifty has moved so much hence we could see some consolidation or range bound movement at current levels or its entirely possible that we see one more sharp upmove and then see some correction/sideway movement but the overall trajectory of Market in near term is likely to remain up now. On the downside 11350-11450 should offer good support to Nifty now.
In Nutshell, Nifty is now in a strong uptrend and is likely to move up further in near term from these levels hence any dip should be utilized for going long only. We don't recommend going short at any level.
Happy Trading!
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