Medium Term Trend: ↓Down (Changes to up above 9800)
Flattish day: Nifty had a nothing sort of day today. It attempted cross above 9300 levels many times but each time it got dragged back below 9300 levels and closed flat ultimately.
Bulls needs to trade strong above 9315-9330 levels ( which is the high of last Friday) to stamp their authority over bears and if that happens (like we mentioned in previous post too) then there are strong chances of Nifty climbing all the way towards 9500-9700 levels.
Nifty is seeing lot of congestion around 9300 levels so ideally this level should be taken out on the upside and only question we should be asking is that whether it will be taken out immediately ( in next few sessions) or market will take some time ( few weeks).
There is some loss of momentum observed again today which is suggesting that one more drop toward 9200-9150 can happen but as long as 9100-9150 holds there is no real danger and Nifty can move up anytime. Markets are trading very light and OI in Nifty future is less than 1 crore ( we haven't seen such low OI in Nifty in last 15 years). And as we have discussed previously too, markets usually don't fall much when OI is so low.
So to summarise, keep an eye on 9330 on the upside and 9150-9100 on the downside. If 9330 is not conquered soon then its likely we drop towards 9150 once again and below that 8800-8900 level will see next support. Successful move above 9330 level is likely to propel Nifty all the way towards 9500 -9700 levels. Avoid short positions for now (as long as 9100 holds) and look to trade on buy side only
Happy Trading.
Flattish day: Nifty had a nothing sort of day today. It attempted cross above 9300 levels many times but each time it got dragged back below 9300 levels and closed flat ultimately.
Bulls needs to trade strong above 9315-9330 levels ( which is the high of last Friday) to stamp their authority over bears and if that happens (like we mentioned in previous post too) then there are strong chances of Nifty climbing all the way towards 9500-9700 levels.
Nifty is seeing lot of congestion around 9300 levels so ideally this level should be taken out on the upside and only question we should be asking is that whether it will be taken out immediately ( in next few sessions) or market will take some time ( few weeks).
There is some loss of momentum observed again today which is suggesting that one more drop toward 9200-9150 can happen but as long as 9100-9150 holds there is no real danger and Nifty can move up anytime. Markets are trading very light and OI in Nifty future is less than 1 crore ( we haven't seen such low OI in Nifty in last 15 years). And as we have discussed previously too, markets usually don't fall much when OI is so low.
So to summarise, keep an eye on 9330 on the upside and 9150-9100 on the downside. If 9330 is not conquered soon then its likely we drop towards 9150 once again and below that 8800-8900 level will see next support. Successful move above 9330 level is likely to propel Nifty all the way towards 9500 -9700 levels. Avoid short positions for now (as long as 9100 holds) and look to trade on buy side only
Happy Trading.
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