Medium Term Trend: ↑UP (Changes to down below 9500)
Rally resumes: After a very brief pause, Nifty once again moved up and crossed 10150 levels. It closed at 10140, up 110 points.
Since last couple of days we had been mentioning that its possible we see some sort of sideway move or correction before the up-move resumes however we had also mentioned that this should not be seen as fresh bearish move and Nifty can turn again on the upside anytime. We did see some pause but it lasted for just 2 days and 200 points.
Nifty had a resistance around 10100-125 levels and it sustained this level in the opening session today which once again has opened up possibilities of a fresh up-move by Nifty hence levels around 10100 could have been utilized to enter fresh long positions in the markets today.
Monday if Nifty sustain above 10170 levels then it can further move towards 10300 levels. At the time of writing this post SGX Nifty is already trading around 10300 levels ( however we don't give too much weightage to SGX Nifty).
So will keep short today. Overall Nifty is in a strong up trend and there is lot of disbelief and skepticism about the sustainability of this rally and frankly this is what making Nifty strong. There is nothing on the chart which is suggesting an immediate reversal from here ofcourse pullbacks and correction of 200-300 points can come at any time but for any big reversal its important 9800 level is broken first and then 9500 (which is our new pivotal point from medium terms perspective). From trading perspective 10100 is a good level to enter long and can be held with a SL of around 10k levels.
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