Medium Term Trend: (Changes to down below 10700)
Expiry Blues: Nifty tumbled today as once again it touched levels around 11300 and forced its way down and lost more than 200 points from days high. It closed at 11100, down 100 points.
We have continuously been mentioning since last 6-7 days that till Nifty crosses 11300-330 levels and sustain, there is no point in going long. On the contrary one should look to book profits at current level.
We have been staying away from trading since last few days and it seems to be working well as market is not doing anything just making wild swings around 11200 levels.
Coming back to Nifty, nothing much has changed and same scenario is prevailing in the market hence we continue to maintain same view as well. Nifty is in 'correction mode' and its evident from market action that its not yet over. There exists some good support at 11050-25 level and market could try and test it tomorrow.If it holds then markets can move up again however if it breaks down then we can see some more weakness in near term towards 10750-10800 levels (which is the final support level for current uptrend we are witnessing).
So will keep it in short today, keep an eye of 11K level and weakness below it could invite more weakness on the other hand holding 11K and then moving above 11300 levels could start a new uptrend.
Happy Trading!
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