Medium Term Trend: ↑UP (Changes to down below 9500)
Slides Again: Nifty After a strong recovery on Friday, Nifty once again tumbled to close at 9810 levels with a loss of 160 points.
Fridays sharp recovery had rekindled the hope of bulls making a strong pull back however todays weekness has once again put clouds over the short term trend. Today Nifty has made a close below 9850 ( previous swing low) which is not a positive sign.
In the last update we were reasonably optimistic however things have changed slightly today. We had mentioned in previous post that- "undertone of the markets remains strong and there is a likelihood that Nifty start moving up towards 10300-10500 again. We do not have confirmations on the charts but there are indications. Follow up buying above 10000-10050 levels on Monday will be very positive for the markets"
Nifty failed to move above 10k, which was a key requirement and even broke below 9850-9800 levels, this has raised some strong doubts about the sustainability of the recovery we saw on Friday. Further weakness below 9750-9850 levels could once again push markets towards the lows of 9500.
In Nutshell, todays fall has come against the run of play and is not a good sign for the bulls. Markets needs to make a swift recovery above 9900-9950 levels to repair the damage inflicted by bears today. On the other hand, constant weakness around current levels (and if markets sustains below 9800-9750 levels for too long) could push Nifty back towards 9500-9550 levels ( Fridays low) and a break of these levels could be extremely bearish and put additional selling pressure on the markets hence be cautious.
To join our Nifty buy/sell whatsapp message service during market hours, pls click⤇ Nifty Buy/Sell Algorithm or whatsapp @ 9319321906
To see our recent trading calls,as soon as a position is closed, its updated here ⤇ Past Trade summary
Happy Trading
No comments:
Post a Comment