Medium Term Trend: ↑ UP (Changes to down below 11050)
Market Consolidates : Nifty opened week below 11500 levels and went on to touch 11390 but recovered most of the losses later. It close at 11475 levels down 35 points.
Overall Nifty continue to move on the expected lines and after giving a rally of 1000+ points some bit of consolidation is expected at current levels. This consolidation may continue for some more time around these levels or Nifty can give one more sharp upmove from current levles towards 11700-12K and then cosolidates. In either scenario, we are expecting Nifty to move up from these levels. In between if there is any dip towards 11300 then it should be utilised as a buying opportunity.
Nutshell, nothing much to add as nothing has changed till now.We would like to reitirate that It doesnt make any sense to short this market at current levels. As long as 11200-11100 sustains we expect Nifty to move up from current levels hence utilise all dips to go long.
Happy Trading!
Market Consolidates : Nifty opened week below 11500 levels and went on to touch 11390 but recovered most of the losses later. It close at 11475 levels down 35 points.
Overall Nifty continue to move on the expected lines and after giving a rally of 1000+ points some bit of consolidation is expected at current levels. This consolidation may continue for some more time around these levels or Nifty can give one more sharp upmove from current levles towards 11700-12K and then cosolidates. In either scenario, we are expecting Nifty to move up from these levels. In between if there is any dip towards 11300 then it should be utilised as a buying opportunity.
Nutshell, nothing much to add as nothing has changed till now.We would like to reitirate that It doesnt make any sense to short this market at current levels. As long as 11200-11100 sustains we expect Nifty to move up from current levels hence utilise all dips to go long.
Happy Trading!
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