Medium Term Trend: ↑UP (Changes to down below 9000)
Nifty Cools Down: Nifty witnessed some bit of profit booking today, it dropped towards 9950 levels and then pulled back up again above 10k levels to close at 10030 down 30 odd points.
We had mentioned yesterday that Nifty is looking a bit tired. We had written:
"Now looking into the charts we can definitely see some sort of tiredness creeping in so there is no harm in booking full/partial profits at this stage. looking at levels, if Nifty trades below 10050 tomorrow then it can fall to 9970-80 levels"
Today we did drop towards 9970 and broke it so some more weakness in the short term can not be ruled out in coming trading sessions. But mind you this weakness should not be construed as a fresh bearish move but just a pause before the next rally begins. This view is valid as long as Nifty is trading above 9700 levels. As long as the gap-up area holds , Nifty remains strong. Now Nifty may or may not visit 9700, thing about such corrections is that it can finish anytime and at any levels hence one is advised to look for trading options on the buy side.
We had mentioned yesterday that its good to book profits at current levels, Nifty is down around 150-200 points from yesterdays high already. For now we need to observe markets see what shape or form this correction is taking and take a trading call only once we see confirmation on the charts.
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