Medium Term Trend: ↑UP (Changes to down below 9800)
11400 crossed: Nifty opened but remained strong and unlike previous days, didn't see any selling pressure from 11400 levels and managed to closed above it with a gain of around 130 points.
In last post we had mentioned that though bias is still negative but the way Nifty is trading around 10200-10400 its possible that all the negative energy is absorbed already in this sideways correction and if 10225 is not broken soon then markets can start moving up again. Time was running out for bears and inspite of spending 4-5 days in corrective move they failed to break below 10200 and when bear fails bulls take over that's the rule.
For a correction to get over, a price wise fall is not always required and some times markets complete correction by moving sideways in a volatile manner. Now there is a possibility that correction that started from 10550 levels got over at 10200 levels and Nifty is ready to make another move around 10500 or higher levels. Nifty has a good resistance around 10475 levels and that could be the last hurdle for bulls and if crossed in next 1-2 trading sessions then we can see higher levels again in Nifty.
Todays close has come above 10400 levels which is pointing towards a strong possibility that bulls are back in game however they need to conquer 10475 levels in coming session and that should clear the way towards 10550-10600 levels. We can see another correction once market reaches 10600+ levels, but that is something we will leave for later.
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