Medium Term Trend: ☝UP(Changes to Down above 13900)
Nifty @ 14650 UP 370 points: A Stellar Rally
Last week once Nifty moved below 14K we had changed the medium term to down. Nifty touched around 13600 levels but didn't stay there for long and moved back fiercely above 14K levels. In a matter of just 2 days Nifty has moved up around 1000 times which is quite something.
Lot of pessimism was built in ahead of the budget and it was like market was kind of 'relieved' that an important event is out of the way and now it can focus on BAU.
Now going forward, we have moved back above 14500 which suggests that markets are back in positive zone. However the rise is pretty sharp so its likely that we see some consolidation in next few sessions. There are few traders who are still expecting markets to go down to 13500 levels, well anything is possible in markets but the chances appear pretty less now. If market has to fall then it must fall immediately and fall big. If markets continue to spend time around 14400-500 levels then its clear that it has higher targets in mind.
Lately markets are not doing much 'time wise' correction and just quickly completing 'price' correction and immediately start moving backup again.
In Nutshell, Nifty has moved back in bullish zone and whatever sort of correction was going on seems to be completed already. Having said this, the rise has been pretty sharp hence markets can go in for some sort of consolidation before moving further. As long as we dont see a sharp fall going forward and Nifty doesn't break much below 14200 levels then we should be fine. Level wise we see good amount of support at 14250-14300 levels and expect Nifty to find support near this range (in case ofany consolidation going forward). A fast fall breaking below 14200 and then 13900 ( in next 3-4 trading session) would mean something else is going on in the markets in which case we will have to rethink.
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