Medium Term Trend: ↑UP (Changes to down below 9500)
Slide Continues:Nifty continue to fall and even broke below 9900 levels momentarily today to close at 9902 , down 210 points.
In the previous post(s) we had highlighted that since last few days Nifty is not able to sustain its opening highs and is continuously moving down. Well the same trend continues even now and market continues to move down. We had also mentioned that "levels around 9990 and 9910 becomes very important. Incase market continue to fall then levels around 10K and below 9k will become critical from short term perspective."
Now today we tested 10k today, broke below it and touched 9k levels and closed there too. Now levels around 9900 should be the bottom levels for short term perspective and we should not be seeing much more weeknes from these levels (unless something else is changing on the charts from medium term perspective). Levels around 9850-9900 was the previous swing high and we expect some sort of support here so these should ideally hold. However if we see continuous weakness below todays low and 9850 levels then it could mean that something else is cooking.
A fall from 10300 towards 10K was expected and it has come now, now probably the most of the correction is done at these levels and markets could try and make some sort of recovery however further weakness below this could be indicative of some pattern changes hence needs to be observed carefully. Dow future is trading 600 points down ( as we update this post) and probably is the reason for weakness in the markets today.
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