Medium Term Trend: ↑ UP (Changes to down below 11770)
Upswing maturing??: Nifty opened flattish around 11300 levels and dropped to 11220 levels intraday. It moved up again towards the close of play at 11280 levels and closed at 11270 (flat).
We have been saying since last few days that overall trend of the nifty remains up and 12300 was our immediate target ( which was achieved last week). We had also mentioned that we need to observe how Nifty trades around 12300 leves to see which way market may go.We also mentioned a possibility of Nifty touchung 12500 levels if strength above 12300 was maintained.
Now that we have spent 2 days near 12300 levels (and the the way markets fell towards 12220 levels) is raising the possibility that probably the upwswing is maturing.Nifty today made a shootting star/hanging man kind of pattern which is also suggesting a probable correction/sidway movement from these levels. To counter this negative scenario, nifty must make a strong push above 12300 levels , more time Nifty spend below 12300 levels , more the chances of weakness creeping in.
Having said this, we continue to maintain that overall trend of Nifty remains up so one shouldnt try to short this market but if one is long then its time to be cautious. If nifty fails to cross 12300-320 levels and goes on to break below 12200 levels then it makes sense to book profit and wait for some time ( again sayiing no short below 12200). When markets are in a bull run then one should only trade in longs. Either stay long or book profits and then wait for next opportunity to go long ( till the time trend reverses).
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