Medium Term Trend: ↓ Down (Changes to Up above 11075)
Inching Up: Nifty opened weak around 10900 levels however lower levels attracted buying and it soon moved up above 11K. after trading around same level for most part of the day, it close at 11003, up 50 odd points.
We have been mentioning since last few days ( even when Nifty was crashing to 10700-10800 levels) that we do not foresee much weakness in Nifty and these sharp falls that we are witnessing is just part of the bottoming out process for Nifty. Its quite possible that either market has already made a bottom at 10650 levels or will make soon. In our previous post, we had also suggested buying above 10920 for a target of 11K+ and target was already achieved today as well so there you had some 100+ points in Nifty for the taking.
Going forward, for now, Nifty seems to be moving on expected lines and if it manages to cross 11075-11100 levels then it will probably open up much higher targets. Only thing is the upmove should be fast enough in case we spend too much time around 10900-11K levels then probably markets will see one more dip towards 10800 or lower levels. 11075 remains the pivotal point from mid term perspective for us and crossing and closing above it will be positive for markets in near term.
In Summary, our view still remains same. We have seen a rally of around 300-350 points from the recent lows and if we manage to make a close above 11075 then next resistance will be around 11220-250 levels. We can always expect some sharp falls from the current levels we doubt if those will be sustained and hence should be treated as a buying opportunity only.
Happy Trading!!
Inching Up: Nifty opened weak around 10900 levels however lower levels attracted buying and it soon moved up above 11K. after trading around same level for most part of the day, it close at 11003, up 50 odd points.
We have been mentioning since last few days ( even when Nifty was crashing to 10700-10800 levels) that we do not foresee much weakness in Nifty and these sharp falls that we are witnessing is just part of the bottoming out process for Nifty. Its quite possible that either market has already made a bottom at 10650 levels or will make soon. In our previous post, we had also suggested buying above 10920 for a target of 11K+ and target was already achieved today as well so there you had some 100+ points in Nifty for the taking.
Going forward, for now, Nifty seems to be moving on expected lines and if it manages to cross 11075-11100 levels then it will probably open up much higher targets. Only thing is the upmove should be fast enough in case we spend too much time around 10900-11K levels then probably markets will see one more dip towards 10800 or lower levels. 11075 remains the pivotal point from mid term perspective for us and crossing and closing above it will be positive for markets in near term.
In Summary, our view still remains same. We have seen a rally of around 300-350 points from the recent lows and if we manage to make a close above 11075 then next resistance will be around 11220-250 levels. We can always expect some sharp falls from the current levels we doubt if those will be sustained and hence should be treated as a buying opportunity only.
Happy Trading!!
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