Medium Term Trend: ↑ UP (Changes to down below 11050)
Sharp Fall : Nifty yesterday saw a sharp fall of more than 200+ points towards 11250 area but recovered nearly 50% of the losses to close at 11350 levels, down 100 points.
We have continuously been saying that since nifty has run up 1000 points from its recent low, some amount of correction/sidwaymovement/consolidation or a dip is possible from current levels. However that doesnt mean that Nifty has resumed its downtrend. We continue to believe that Nifty is headed higher from current levels but ofcourse that doesnt mean that we cannot see some sharp fall ( like we witnessed yesterday).
Going forward too we can see the 11300-11250 again getting tested and aslong as 11050-11100 stands there is no threat to the current upmove which started from 10700 levels.All sharp selloffs or a panic selling should be utilised to go long.
There are many analyst who are seeing the move from 10700-11600 as a retracement rally (of a previous downmove) and are expecting nifty to fall to 10600-10700 level again. However our view is different ( and has been different for a while now) we continue to believe that after the current consolidation is over,Nifty will start a second leg of the upmove ( which could be as strong as the first one was)
Happy Trading!
Sharp Fall : Nifty yesterday saw a sharp fall of more than 200+ points towards 11250 area but recovered nearly 50% of the losses to close at 11350 levels, down 100 points.
We have continuously been saying that since nifty has run up 1000 points from its recent low, some amount of correction/sidwaymovement/consolidation or a dip is possible from current levels. However that doesnt mean that Nifty has resumed its downtrend. We continue to believe that Nifty is headed higher from current levels but ofcourse that doesnt mean that we cannot see some sharp fall ( like we witnessed yesterday).
Going forward too we can see the 11300-11250 again getting tested and aslong as 11050-11100 stands there is no threat to the current upmove which started from 10700 levels.All sharp selloffs or a panic selling should be utilised to go long.
There are many analyst who are seeing the move from 10700-11600 as a retracement rally (of a previous downmove) and are expecting nifty to fall to 10600-10700 level again. However our view is different ( and has been different for a while now) we continue to believe that after the current consolidation is over,Nifty will start a second leg of the upmove ( which could be as strong as the first one was)
Happy Trading!
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