Medium Term Trend: ↓Down (Changes to up above 9800)
Pull Back: Nifty opened weak around 9050 levels and traded in a tight range between 8900-9100 for most part of the day and closed right at the mid point of this range @9000 levels.
Volatility was relatively less today and broadly Nifty continue to move in line with our expectations hence we continue to maintain our old view as of now.
Last Wednesday Nifty had made a shooting star pattern and we had mentioned that trade above or below the high/low (9100- 8650) of shooting star candle will be interesting to watch and could define the near term trend of the markets. Since last 2 trading sessions markets have tested the high twice but not yet convincingly moved above it. However there are other indicators which are suggesting that Nifty can move above 9k levels and then towards 9800 levels in near term.
Last Thursday, Nifty had seen a gapup opening and the gap stands at 8900-8750 levels, today inspite of the weaknesss the gap area supported Nifty. Holding this gap area for next couple of trading sessions will be yet another positive thing for Nifty.
So will keep it short today, nothing has changed in markets and shorterm positives continues to outweigh negatives therefore no reason to change our views yet. A succcessfull move above 9100 levels could push Nifty towards 9400 and 9800 levels (above 9800 the medium term trend will change to 'up' as well). On the downside, 8900-8800 area is likely to offer good support so this area can be utilised to initiate fresh long positions with a Sl of around 100-150 points. A break of this level could push Nifty back towards 8600 levels though.
To join our algorithm based buy/sell whatsapp service during market hours, pls click below link or whatsapp @ 9319321906
Pull Back: Nifty opened weak around 9050 levels and traded in a tight range between 8900-9100 for most part of the day and closed right at the mid point of this range @9000 levels.
Volatility was relatively less today and broadly Nifty continue to move in line with our expectations hence we continue to maintain our old view as of now.
Last Wednesday Nifty had made a shooting star pattern and we had mentioned that trade above or below the high/low (9100- 8650) of shooting star candle will be interesting to watch and could define the near term trend of the markets. Since last 2 trading sessions markets have tested the high twice but not yet convincingly moved above it. However there are other indicators which are suggesting that Nifty can move above 9k levels and then towards 9800 levels in near term.
Last Thursday, Nifty had seen a gapup opening and the gap stands at 8900-8750 levels, today inspite of the weaknesss the gap area supported Nifty. Holding this gap area for next couple of trading sessions will be yet another positive thing for Nifty.
So will keep it short today, nothing has changed in markets and shorterm positives continues to outweigh negatives therefore no reason to change our views yet. A succcessfull move above 9100 levels could push Nifty towards 9400 and 9800 levels (above 9800 the medium term trend will change to 'up' as well). On the downside, 8900-8800 area is likely to offer good support so this area can be utilised to initiate fresh long positions with a Sl of around 100-150 points. A break of this level could push Nifty back towards 8600 levels though.
To join our algorithm based buy/sell whatsapp service during market hours, pls click below link or whatsapp @ 9319321906
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