Medium Term Trend: ↑ UP (Changes to down below 11550)
Nifty Flies: Nifty opened strong above 12K and maintained strength throught the day. It finally closed at 12085 (up 115 points).
Yesterday we had mentioned: "overall trend of Nifty was always up and now it seems that the correction which started from 12150 levels got over yesterday and Nifty has opened a fresh move on the upside"
Today markets did exactly that. Once 11940 levels was crossed yesterday, there were indications that markets are readying themselves for a jump from current levels. Today we did get to see a jump of 100+ points and now Nifty is almost touching 12100 levels. Going forward, its possible that this rally continues for some time more and touches 12200-12300 levels. On the downside, 12K should be able to provide good amount of support for the short terms perspective.
It doesnt make sense to hold shorts in the current market and traders should only lookout for opportunites to enter long ( buy on dips). crossover above 12150 levels will furhter confirm that markets are in a uptrend only.
Happy Trading!
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