Nifty Analysis, Outlook and Trend for 18th Dec 2019

Medium Term Trend:  ↑ UP (Changes to down below 11700)

New all Time Highs: Nifty opened in +ve territory today around 12080 levels and continued to move up throughout the day. It put up 120+ points to close at 12170 levels which is also a new all time high as well.

Niftys move above 12150 levels must have come as a shocker to many ( especially after seeing bad GDP numbers and downgrading of India by credit agencies) however on this blog we have repeatedly been saying for last many days ( weeks actually) that trend of the market remains up and all dips should be utilised for buying and going long only.

In last post we had mentioned  "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"

Now we can clearly see that this is precisely how the markets have acted in last two days. Yesterday there was some weakness howeve today markets again jumped back and gone towards 12200 levels. Going forward we see this rally continuing for some more time ( ofcourse intermittent drops of 100 odd points can never be ruled out) and as long as 12000-12050 levels holds, markets can move slightly more from here. If weakness start building from 12200-12300 levels and goes on to break 12050 levels then probably we can go back to 11800 levels once again. It all depends on how markets behave at 12200-12300 levels ( that should guide us as to what is there in store for us in near term).

In Nutshell, markets are now trading near to our medium term target & its likely that we move further from here ( till we get a reversal sign we must believe the trend will continue). But now that our targets are almost achieved, we need to take a step back, observe and see if markets are hanging at these levels and creating some sort of base for its next move or if it start trapping bulls on the wrong side ( in which case we can see a sharp fall from 12200-12300 levels.

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