Medium Term Trend:☝/👈👉 (UP/Sideways with upward bias)
Nifty @ 17350 - Downcycle over & Nifty adding strength
In the last update, I had mentioned that "in both scenario it seems either markets have already opened a new leg on the upside or it will open the same on Monday" & "Time is running out for Bears and if they fail to act in next 1-2 trading sessions then its likely that Bulls can once again start controlling the markets"
Now in last 5 trading sessions ( since last update), market has added 350+ points. Nifty had dropped below 17900 levels on last Monday in a flash trade but it was for a very brief period and after that market has not looked back and is now adding strength (suggesting that down-move seems to be over now) which is exactly in line with my broad analysis.
Like I mentioned earlier, time seems to have run out for Bears and Bulls seems to have taken control of markets and if some are still holding on to their shorts expecting levels of 16500 or below then they are likely to be disappointed. As per me it is highly unlikely that markets will fall towards those level again now.
Overall market is looking strong and positive but since the damage we have seen in last 2-3 months was extensive, it may or may not run away above 18K and 18500 levels in a hurry and might just consolidate between 17-18K levels for some more time but the bias and trajectory even in that scenario is likely to remain on the UP or positive side. Trade should be executed on long side (preferably buy on dips) instead of sell on rise.
Happy Trading & A Very Happy New Year!!
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