Medium Term Trend: ↑ UP (Changes to down below 11770)
Downmove continues: Nifty continue to fall and today even tested 12100 levels. It closed at 12106 with a loss of 60 odd points.
In last few post we had mentioned very clearly that 12300 levels is a good support however its already tested once and incase its tested again and broken then we can even slip all the way back to 12000 12050 levels. Having said this, real danger will come only when nifty breaks below 12k levels.
Now we are pretty close to12050 12000 range, its become very very interesting to see how mkt reacts once it reaches there. The way option mkt is trading it seems mkt is building a stiff resistance at 12300 levels. Now if mkt fall below 12050 12k levels then in all probability we are going below 11900 levels (11900 was the last low mkt had created in dec). Now if market makes a new low below 11900 then it will be a big bearish move as it would mean 100% retracement of last upmove (11900 to 12430) in less than 100% of time. This can carry huge bearish implications, however will cross that bridge when we get there.
For now one needs to see if 12k holds or not. If it does then bulls are still in game.
Happy Trading!
We keep guiding and advising our subscribers during live trading hours through regular whatsapp updates. To join us please click the below link/button or mail to rahulrtn412@yahoo.com or whatsapp:9319321906 (Pls don't call or send text for mkt view/opinion as we will not be able to respond to such msgs)
No comments:
Post a Comment