Medium Term Trend: ↑UP (Changes to down below 10100)
Maintaining Strength: Nifty continued its upwawrd march and closed above 10600 with a gain of 50 odd points in friday.
Nifty has a good support now at 10400-50 levels and till that holds, it can continue to move higher and touch new highs. Levels around 10800-11000 are also possible in this current wave. However one negative thing we are seeing on the charts is that this moveup is not supported by RSI and we are seeing some negative divergence on hourly charts. But at the same time, on the price charts, there is nothing which is suggesting any weakness. So we have to be watchful and keep looking for any sign of weakness on price charts which might start creeping next week.
Going forward we need to see if if and when Nifty start to show weakness and (as per fridays close) move below 10400 levels could be crucial as that would be the first sign which could indicate that this current upmove is maturing till then if there is any dip which matures above 10450-10450 levels then same could be a good opportunity to enter long positions.
In summary Market trend remains up, break below 10450-400 would be the first sign that this upmove is now maturing and below that 10100 is the key level level now which would determine the medium term of the markets. Till then, trading wise, it makes sense to stay with current trend which is up for now.
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