Medium Term Trend: ↑ UP (Changes to down below 11770)
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Bears Returns: Nifty open flattish but found stiff resistance at 12150 levels and crashed to 12050 levels. It closed at 12055,down 60 odd points.
In last update we had mentioned that the way charts were shaping up it seems nifty is ready to make a dash towards higher levels once again. However it wasnt to be and nifty opened with a gap down on Monday below 12200 levels (in line with a crash in all global markets). Weakness in global markets pushed nifty below 12200 and today markets made a new low which broke the previous swing low of 12105. Therefore it must be said the correction which started from 12400 levels is still on.
Now the levels of 11940-11975 assumes a lot of significance. Please keep in mind that overall trend of the market still remains up but in immediate term we may see some more volatility/correction. Bears need to take out previous low (which is sitting around 11930 levels) to make their position even more stronger. On the upside, Nifty needs to take out 12150-12180 levels for bulls to start making an impact and wresting controls from bears. The way option market has set up, it looks like expiry is going to be between 12k and 12200 levels hence real trending move is likely only after budget now.
In nutshell, the weakness in global markets have once again puts the brakes on the upmove and pushed Nifty back in uncertain territory but the overall trend still remains up and serious dent in this upmove is only likely below 11940 11975 levels. Markets are likely to make a trending move only after budget and its highly unlikely that much will happen in next 2 days.
Happy Trading!!
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