Medium Term Trend: ↑UP (Changes to down below 10300)
Nifty Tumbles: Nifty opened weak around 10750 levels and kept on moving down throughout the day.
It even broke below 10600 levels momentarily intraday but managed to closed just above it, still closed with a solid 200 points loss.
In last few updates we have continuously been mentioning about Nifty making some sort of correction from 10850 levels. Yesterday when Nifty opened around 10875 levels, we had clearly told our subscribers to stay away from entering long postions.
In previous post (for Monday) we had mentioned "move above 10870-90 could indicate that markets have finished with the correction and its ready to move towards higher level towards 11100-11300. On the downside, Fridays lows assumes a lot of significance. In case Nifty break and sustain below 10710-10700 levels for some time , then we could see some more weakness towards 10550-10600 levels"
Now dont like to boast but this is the power of technical analysis for you. Yesterday markets retreated exactly from 10890 (levels mentioned in advance on Friday itself) and today it broke below 10700 and weakness surfaced which pushed Nifty towards 10550 -10600 levels ( again all these levels were mentioned on Friday itself).
In previous post (for Monday) we had mentioned "move above 10870-90 could indicate that markets have finished with the correction and its ready to move towards higher level towards 11100-11300. On the downside, Fridays lows assumes a lot of significance. In case Nifty break and sustain below 10710-10700 levels for some time , then we could see some more weakness towards 10550-10600 levels"
Now dont like to boast but this is the power of technical analysis for you. Yesterday markets retreated exactly from 10890 (levels mentioned in advance on Friday itself) and today it broke below 10700 and weakness surfaced which pushed Nifty towards 10550 -10600 levels ( again all these levels were mentioned on Friday itself).
Anyways so now that we have moved towards 10550-10600 levels, we need to see if this zone is holding out. It didn't break today but the danger is not out of the way, it needs to hold for coming 1-2 sessions as well in case it breaks then markets could be pushed to 10350-10400 levels which is the next major ( & final) support for this upmove. Below 10350 levels some material changes could start appearing on charts hence its extremely crucial how Nifty trades in next few session. Holding on to 10550 levels and making a move above 10750 levels could push Nifty on track whereas break of 10550 levels will be one more victory for bears and I must mention that the way Nifty broke crucial level today, the chances of 10550 level breaking is higher than that of its holding.
Happy Trading!
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