Medium Term Trend: ↑UP (Changes to down below 10650)
Upmove Continues: After a small hiccup yesterday, nifty recovered today and closed above 11200 levels with a gain of almost 80 points.
Like we mentioned couple of days, its possible that we some consolidation in the 11200-11300 range. Nifty has run up sharply from 10600 to 11200 hence some consolidation cannot be ruled out now. For immediate term ( next 2-3 sessions) if Nifty fails to move above 11300 levels and then goes on to break below 11100 then then its possible we see some more weakness towards 11000-10900 levels. As long as 10900 is intact, the upmove remains intact as well.
Charts are still showing strength only negative thing we can see is that on hourly charts, some neagtive divergence has started building up. Hence we need to be observant and see if its break below 11100 and then10900 levels from here. If that happens then it could be the first sign that short term trend is changing. Overall levels around 10600-10650 is the final stop/trend reversal pivotal level and breaking below it could indicate that some important top is done and market is ready for some serious correction.
In summary,if we see some correction which manages to break below 10900 levels, then we can drop towards 10650 levels once again. On the upside a successful move above 11300 could fuse new strenght in the upmove.
Happy Trading!
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