Medium Term Trend: ↓ Down (Changes to Up above 11075)
Flat day: Nifty opened strong around 10900 but failed to sustained above it. Nifty made a high of 10920 and dropped 100 points from there, it finally closed at 10850 levels.
Nifty had a bad day on Tuesday and since then it is trying to gain some lost ground but not succeeding. Break of 10850 level has caused apprehension and weakness in Nifty and its struggling to make a move on. Though the last 2 days closing have been around 10850 points, we need to see if weekly close comes above or below it conclusively.
Weakness below 10850-10810 zone could push Nifty back towards 10750 levels however holding the same and then making a move above 10900-920 levels could push Nifty again to 11K+ levels. In case Nifty make a move above 10920 levels and sustain for some time then long position can be entered for a target of around 11K levels with a SL of 10860.
Overall we continue to believe that a bottoming out process is going in Nifty which has either completed already or could take some more days ( with some more volatility). Post this consolidation/volatility we expect a strong move. For now we don't see much weakness from current levels. Crossing above 11100 levels would be the first sign for such a move (but it should be impulsive and not corrective in nature).
Happy Trading!
Flat day: Nifty opened strong around 10900 but failed to sustained above it. Nifty made a high of 10920 and dropped 100 points from there, it finally closed at 10850 levels.
Nifty had a bad day on Tuesday and since then it is trying to gain some lost ground but not succeeding. Break of 10850 level has caused apprehension and weakness in Nifty and its struggling to make a move on. Though the last 2 days closing have been around 10850 points, we need to see if weekly close comes above or below it conclusively.
Weakness below 10850-10810 zone could push Nifty back towards 10750 levels however holding the same and then making a move above 10900-920 levels could push Nifty again to 11K+ levels. In case Nifty make a move above 10920 levels and sustain for some time then long position can be entered for a target of around 11K levels with a SL of 10860.
Overall we continue to believe that a bottoming out process is going in Nifty which has either completed already or could take some more days ( with some more volatility). Post this consolidation/volatility we expect a strong move. For now we don't see much weakness from current levels. Crossing above 11100 levels would be the first sign for such a move (but it should be impulsive and not corrective in nature).
Happy Trading!
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