Nifty Analysis, Outlook and Trend for 11th Dec 2019

Medium Term Trend:  ↑ UP (Changes to down below 11500)

Drifting Down: Nifty opened around 11900 and after trading around same level for most part of the day, it closed at 11860 levels. Down 70 points.

Once Nifty broke below 12K levels couple of days back, the probability of Nifty extending the corrective or sideways move, increased a little bit. We had mentioned that if 12075 is broken then 11850-11900 can be tested again. Today Nifty has closed around 11850 levels.

Now that we have closed around 11850 the chances of this correction extending a bit more from here is increased.Further weakness from here is likely to push Nifty further down to 11750-11700 levels. The fall we have seen from the highs of 12150 levels is too slow and marked with overlapping waves which is a clear sign of a corrective wave. Once this correction gets over ( and it can get over at anytime and at any level) Nifty will rise to hit a new high above 12100 levels. However it doesnt mean that we cannot fall lower from here. Nifty can still fall a bit more from here and drop to 11700-11750 levels and if that level fails to hold, a drop to 11500 levels is very much possible too.Nifty needs to close above 11950 levels to indicate that the correction move is ending/about to end.

In nutshell, the overall trend of the market remains up and the current move we are seeing is just a corrective move ( till now) which can extend even more from here ( till 11700 and below that 11500 levels) but once the correction is over the reversal could be very sharp which wouldtake most by surprise and trapping bears on the wrong side. So incase you are holding short positions then keep a very tight stoploss.reversal from here (or from lower levels) could be pretty sharp.

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