Medium Term Trend: ☝ UP (Changes to down below 15400)
Nifty @ 15810 - Sideways trend ending soon?
One quick update from yesterday, In previous post we had mentioned :
"From a bullish standpoint, that will be an ideal scenario. Market goes down below 15650, traps bears and then make a sharp move back towards 15800-15900 (just one of many scenarios which can play out)"
Looking at how market traded today, the probability of the above scenario unfolding is looking weak now. Its possible that market has made some sort of base/completed short term correction yesterday at 15650. lets look at the chart below to understand.
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| Nifty Daily |
Since 14th June (the day this sideways correction started) market has spent around 4-5 days going up and then 4 days going down , yesterday market finished 3rd day of down-move and today was the fourth day and market has finished in positive territory so its possible that the last down-move finished in just 3 trading sessions. Nifty's inability to break below 15650 today could be pointing towards another up-move which should last for next 4-5 days atleast and take Nifty above 15900. Also the entire move since 14th Jun is looking like a contracting triangle (which finished yesterday at 15650). If this pattern reading is true then market can post some strong gains in coming days.
In case Nifty fails to take out 15900 conclusively in next 3 trading then its possible that correction continues still and pattern is developing into something else ( and not 5 legged triangle).
Happy Trading!
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