Medium Term Trend: (Changes to down below 10750)
Back at 11300: Nifty once again moved above 11300 levels however couldn't sustain there and dropped below it, still it closed with a gain of 55 points.
In last couple of posts we have been mentioning that since 11200 is crossed markets can make another attempt at 11350-375 levels Today markets have moved back 11350 but couldn't cross it. We need to see if markets manages to clear this hurdle which can further push Nifty towards 11500 or even higher.
Today markets have formed a very small ' inverted hammer patter' which could push Nifty towards 11200-11150 level once again if high of today is not crossed and sustained. Overall Bears need to break below 11150 and 11020 levels to make a comeback, till then Bulls are likely to remain in driver seat.
So will keep it short today, markets are in a uptrend and likely to remain so till 11150 levels and below that 11020 level is breached. On the upside, a move above 11370 levels could attract fresh buying and push Nifty even higher.
In Nutshell, Nifty has spend too much time around 11200 levels now and from here the chances of upmove have become much stronger than a downmove. For bears to have any chance they must break below 11000-11050 levels pretty fast.
Happy Trading!
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