Medium Term Trend: ↑UP (Changes to down below 11275)
Pull Back: Nifty opened around 11450 levels and kept moving in 11400-500 range through out the day and closed at 11470 levels. Up 80 odd points.
In previous post we had mentioned that even though the reversal is ferocious and sharp, it wouldn't be wise to form an opinion basis just one trading session. We needed to see more weakness below 11350 levels and then below 11275 levels which didn't happen and on the contrary Nifty actually showed strength. Hence the down move is not yet confirmed.
On the other hand even though Nifty has moved up 100-150 point from yesterdays low, markets are not out of woods yet and Nifty needs to further move above 11575-11600 levels to signal start of a a fresh uptrend. Till that happens there are chances of markets slipping towards 11350 again.
In current scenario it makes sense to wait it out a little and see which way Nifty is moving before taking a trading call. Since 11275 is intact, the uptrend is intact as well ( it has weakened quite a bit but not broken).
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