Medium Term Trend: ☝UP(Changes to Down above 14200)
Nifty @ 15115 UP 190 points: New all time High
On Friday, Nifty flirted with 15k levels a little and had dropped to 14900 levels however the fall was slow and suggested bulls probably wanted to book some profits ahead of the weekend. Todays open was above previous days high and Nifty has managed to close above it as well which is a very good sign and clear cut indication that market is in strong bull run.
In last update we had discussed that after Budget the trend of market has once again turned positive and we had also mentioned that since the rise has been pretty sharp there is a possibility of some consolidation before mkt start moving further up. However that part turned out to be wrong and Nifty continues to move in a straight line. Today was 6th consecutive day for such a rise and it will be interesting to see for how long it continues.From our past experience we have seen that 8-10 days of successive rise is very much possible and any correction seen after that is not likely to stay for long ( as it has been the trend lately).
From levels perspective, todays gap area becomes a very good support zone, actually entire zone from 14900-15000 is a very good support area and if market close below then we can expect some sort of consolidation/correction. Overall its possible that market continues to run upwards in a straight line for next 2-4 days hence trade accordingly and stay away from short position (for now)
Happy Trading
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