Medium Term Trend:☝(UP) - Reversal level @ 16800
Nifty @ 17325 up 103 points- Nifty continues to soar- More gains likely in near term
In our last post we had mentioned " What we are observing is that market could try and trap short traders ( around 16800-17K levels) and move up sharply from there." &
"it seems markets has changed its medium term direction and can move further up from here hence traders should be cautious in going short at these levels"
Now since our last update Nifty has moved up by around 450 points & confirms our view point and outlook was mostly in the right direction. Going forward we expect this positive bias to continue and (with intermittent pull backs which should act as buying opportunities). Market has already moved above a key resistance zone ( 16900-17000) which is very positive and has also posted a double bottom around 17K levels which suggest a solid base is formed around 17k levels from where markets might attempt to launch itself towards 17500-17800 levels. There are still many who are shorting the markets at every rise expecting lower levels however in my opinions such traders are likely to be disappointed & lose money.
Overall markets remains positive so we hold on to our view and expect markets to make further gains from here. So be cautious and if you are a trader & wants to make money then instead of 'sell on rise' try to 'buy on dips'. Levels wise good support exists around 17050 -17100 levels for immediate level & below that @ 16850-16900 levels. As long as these levels hold, our view will remain intact.
Happy Trading!
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