Medium Term Trend: ↓Down (Changes to up above 9800)
Gaining strength: Nifty moved strongly today and touched 9600 zone which was our near term target of Nifty as well.
We had always maintained that levels around 9500+ were likely and even though 9300 was acting as a formidable resistance it may not last forever. We have also been mentioning that if Nifty can move around 9800 levels that would be a big positive and change the medium term trend for the markets.
Now that Nifty has reached within striking disntance of 9800, things have become interesting. This zone of 9700-9800 is extremely critical and important. Mind you 9300-9350 was broken after a long struggle hence one should continue to look out for cues incase this turns to be just a false break or bull trap.
Moving further from here and crossing 9800 levels will be a strong bullish sign and settle things in favour of bulls and could push markets towards 10500 and even 11K levels. However if we drop below 9400-9350 levels then that could halt the progress of current move and markets could fall further towards 9k levels once more. From trading perspective its a good idea to book profit around 9500-9600 and observe markets before taking fresh trading call ( that's what we have done).
Nifty Buy/Sell Algorithm
Gaining strength: Nifty moved strongly today and touched 9600 zone which was our near term target of Nifty as well.
We had always maintained that levels around 9500+ were likely and even though 9300 was acting as a formidable resistance it may not last forever. We have also been mentioning that if Nifty can move around 9800 levels that would be a big positive and change the medium term trend for the markets.
Now that Nifty has reached within striking disntance of 9800, things have become interesting. This zone of 9700-9800 is extremely critical and important. Mind you 9300-9350 was broken after a long struggle hence one should continue to look out for cues incase this turns to be just a false break or bull trap.
Moving further from here and crossing 9800 levels will be a strong bullish sign and settle things in favour of bulls and could push markets towards 10500 and even 11K levels. However if we drop below 9400-9350 levels then that could halt the progress of current move and markets could fall further towards 9k levels once more. From trading perspective its a good idea to book profit around 9500-9600 and observe markets before taking fresh trading call ( that's what we have done).
Happy Trading
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Nifty Buy/Sell Algorithm
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