Medium Term Trend: ↑ UP (Changes to down below 11400)
12K Conquered : Nifty opend around 12K and went on to touch a high of 12040 levels. It dropped a little from there and settled at 12K , up 60 points.
In previous post we had mentioned-
"If markets manages to break above 11970-75 levels then we can expect another sharp upmove on the other hand a breakbelow 11850 can drag market a little bit more However trend remains up as long as 11400 holds"
Market opened above 11970 and and went on to move above previous high at 12038. Even though market failed to close decisively above 12K levels, the fact that it has closed above 11970 levels augurs good for the medium term. If Nifty shows strength tomorrow as well and manages to give a positive clos then it can move further up from current levels.For a bearish scenario to emerge from here markets needs a weak close below 11950 levels (Ideally 11900) tomorrow/Friday
More time market spends above 11970 levels, more the chances of it breaking above new all time high. However it must be noted that since last 2 weeks markets are seeing a selloff on Friday so it will be intresting to see if same is repeated this week as well.
For now, as long as 11950-11970 is maintained there are chances of markets breaking above new all time high and for a bearish scenario to emerge, bears should act now and act fast as the scenario is favouring and changing towards bulls side for the time being.
Happy Trading!
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