Medium Term Trend: ↑ UP (Changes to down below 11770)
NIfty Continues its March: Nifty opened at par and traded in a narrow range today and traded between 12250-12300. It closed flat at 12270 levels.
Nifty has been showing strength since last 7-8 days and everyday hitting new high. It has now touched 12300 levels ( which we have been saying all these while). Overall though the markets have touched the upper level targets , there is nothing on the chart which is suggesting a trend reversal for now. ofcourse we can see some weakness/sell off/profit booking as markets are trading at all time highs but its likely that it would just be a temp correction and nifty will again resume the uptrend once its over.
Now the correction can come from 12300 or its possible that nifty moves up till 12500 ( its a strong possibility too) and then only start correcting but the point is if one is in long positions then he should continue with it. From a short time perspective 12200-12180 & below that 12010-11965 levels assumes a lot of significance. if Nifty break below 12200 then there is a chance of falling till 12K levels. Below 12K we can go all the way down to 11700-750 levels. Overall trend of Nifty chances only once 11700 breaks ( Short positions should be initiated below 11700 only)
In Nutshell, the overall trend of the market still remains up and one should not go short at these levels hoping for a 100-200 point correction ( that correction can come anytime no doubt about it) but instead wait for correction to come and then go long only once the price confirmations comes on charts.Existing long positions can be held with a trailing SL of around 12200 levels.For now one should held on to its long position ( with a wait and watch approach).
Happy Trading.
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