Medium Term Trend: ↑ UP (Changes to down below 11400)
Still Sideways : Nifty Today moved up and touched a high of 11975 levels but once again slipped from there and closed below 11900 levels. it closed at 11895 a tad below 11900 levels.
In last few post we have mentioning about a possibility of nifty remaining sideways and Nifty indeed is trading sideways for last 7-8 days. However after looking at the way market is trading around 11900, its a possibility that sideways trend is already over and nifty start moving up again from here. In any case , like we have been saying, the overall trend of the market remains up ( and will remain as long as 11400 is not broken).
Next weeks trading ( especially monday/tuesday) could be crucial. if nifty break below 11875-850 and drops to11800-820 level once again then the sidways trend could continue for some more time. However if market start trading srongly above 11950-11975 levels then there is likelyhood of market making a move towards its all time high ( 12100). Please note that sensex has already broken above its alltime high and its highly likely that nifty does the same too.
Market has been in a strong uptrend and will continue to see periodical correction or sideways swings. These correction can get over in 1 week or can take one month, thats totally upto markets and no one can predict that. Once shouldnot try to trade on the opposite side of the main trend ( short in this case).
In nutshell, keep an eye on 11950-11975 levels , a strong move above these levels could indicate that sideways trend is probably over for now and markets could move higher from here. However on the downside if Nifty start trading below 11875-11850 levels then probably it would mean the correction might stretch for some more time on the downside.
Happy Trading
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