Nifty Analysis, Outlook and Trend for 1st Nov 2019

Medium Term Trend:  ↑ UP (Changes to down below 11200)

Soaring High: Nifty Continue to soar high and today touched a high of 11950 levels before giving up most of the gains towards close of play and settling at 11880 level up 30 points. 

We have continuously been saying that overall trend of the markets remains on the upside and traders should not try to short this market. Dips are likely to come and will come from time to time but those should be utilised to enter into long positions and not going shorts.

Nifty has put up more than 1000+ points in last 15-20 trading sessions and the way strength is building up in market it looks like market can scale even higher levels from hereone. Regular readers of this blog are aware that we predicted 13K levels last month and today markets have almost kissed that level and turned back.

Now does that mean everything is +ve in the market? not quite. The way markets are trading since last 2-3 days it seems some bit of tiredness is creeping up and momentum is begining to slow down a little.( even though there is nothing on the price chart which is suggesting that). If we see some price correction in next days then its highly likely that even the price chart will start suggesting the same. So there is likely hood of markets taking a bit easy from here on for next few days. it remains to be seen if we do indeed see some price correction ( which is looking possible from current levels).But still that doesnt mean that one  should go short at current levels, even if we see some weakness and market drops 200-300 points then once again it could be an exellent opportunity to go long.

In Nutshell, markets are rising every day and they are expected to go up further but one needs to be stay cautious as some tiredness is being observed at current levels which could result in some choppiness and some bit of selling from here. "Buying on dips" is the call of the hour and one should strictly avoid going shorts(for now).