Medium Term Trend: ↑UP (Changes to down below 9725)
Rangebound Moves continues: Nifty once again failed to moved above 10400 levels and dragged to 10300 levels.
There was negative energy building in Nifty since last few days and Nifty even dragged itself from 10550 levels to 10200 levels (though defended it on closing basis) and thats the reason we have been sounding a bit cautious since last few days. However the way markets are stuck in tight range and giving rangebound moves between 10200-10400, theres a possibility that this negative energy which was building in Nifty is consumed or absorbed already in this sideway trade.
In Previous post we had mentioned that if 10225 breaks then downward move can gain momentum, Nifty defended this level yesterday and today. Now time is slowly running out for bears. If Nifty continues to consolidate between 10200-10400 then there is a likelihoold of nifty making one more dash towards 10550 -10600 levels.
In nutshell, the downward bias still exists but Nifty now need to make a swift fall below 10200 levels very soon ( next 1-2 trading session).Once we see a quick fall below 10200 -150 levels, the other negative patterns ( wedge/evening star etc mentioned in previous post) will have any significance (till then they are just possibilities).Biding and spending time around 10300 will be indicative of nifty making a base for one more push towards higher level.
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