Medium Term Trend: ↑ UP (Changes to down below 11050)
Exhibiting Strength : Nifty continues to march upwawrds and put up another 120+ points today to close at 11585 .
We have been saying that the Nifty is in uptrend and all dips should be utilised to go long. We have been advising against going short and had also mentioned if 11400-440 level is crossed then we are looking at higher levels of 11550-600 and 11700 after that. Nifty successfully closed above 11440 yesterday and today it broke above 11550.Now in near future it might continue to move up or give a short correction or sharp fall of or 100-200 points and then resume its journey but one thing is for sure that overall journey for markets remains on the upside.
Couple of days back we had posted a chart with the possible wavecounts and till now there is no change in it (Nifty continue to trade in wave 3). Markets seems to be moving on expected lines for now and we dont see any reason for changing our view and assumptions. Having said this, tomorrow if chart changes then our view will change as well but till now we see nothing on the charts which demands a re-think of our existing view.
So no major change as of now, if you are regular reader of this blog , you are aware of our views and what we have been saying. Trend remains on the upisde and it make sense to trade on the long side for now and if any correction comes then same should be utilised to enter long positions ( ofcourse with strict stop losses). 11550-11650 is a crucial level and some amount of consolidation/pull back from these levels cannot be ruled out.
Happy Trading!
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