Trend:☝(UP) - Reversal below 15500
Nifty @ 16215: Bulls Tightening Their Grip
In the last post , way back on 21st June (when Nifty was around 15600) we had mentioned that
"......the way we read markets, we see a probability of Markets attempting a pull back from these levels back towards 16000-16100 levels and sustaining above it could push markets all the way towards 17K levels"
Now today, after approx 20 days markets are standing above 16200 levels and even though the rise is slow ( which is understandable) there is no denying the fact the markets have entered bullish territory now. Last month when Nifty was crashing almost everyday and everyone was bearish, we stuck our neck out and call out the end of last 9 month correction and start of a new uptrend.
Nifty's rise from 15600 to 16200 is a bit slow but its totally acceptable as markets are in the process of making bottom of last 9 month correction hence absorbing lot of time just around 16k level is understandable. What bulls are doing is they are keeping bears interested which makes us believe that this rally can extend much further from here.
Going forward if Nifty holds 16050-16100 levels then we can see a rally towards 16500 and then 17K levels ofcourse mild pullbacks can be seen from time to time. on the downside if 16050 level breaks then we can see some more weakness towards 15900 levels but no major trend reversal is expected till Nifty breaks below 15500 levels. Shorts be careful, Nifty is giving small pullbacks after every rise which might be just a ploy by bulls to make you bleed slowly.
Happy Trading!
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