Medium Term Trend: ↑ UP (Changes to down below 11770)
Exhibiting Strength: Nifty Continue to move up and continue to surprise everyone. It opened flat around 12330 levels and after griding at this level for most part of the day it made a small jump and closed above 12360 levels and added 30 odd points.Like we have been saying for past many days that the trend of the market remains up and one should only lookout for trading opportunities on the long side in this market. All dips should be utilised to enter long positions and not for shorting. The same view stands even now. Market still remains bullish ( though short term charts are suggesting a bit of overbought status) & its likely that we will keep seeing intermittent pull backs of 100-150 points but overall the market will continue to march higher.
Now from near term perspective, 12300 was a strong resistance for the markets and the same has now been successfully conquered. Nifty has given 2 consecutive close above the 12300 levels so we now can safely assume that market has good support in 12250-12300 zone. Going forward whenever we see a correction it will be interesting to see if it takes support at 12250-12300 zone. Only once Nifty break below this range and sustain should we start looking things from a different perspective and if this range holds then higher levels towards above 12400-12500 are very much likely in near term.
In Nutshell, if 12250 -12300 holds then markets are heading towards higher level and if any pullback ( whether it starts from current levels or from higher levels) breaks this range then probably we can see a temp pause in the current rally. Bears to regain control must break below 12250 and they should do it fast else bulls will run away ( like they have been).
Happy Trading!
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