Trend:☝(UP) - Reversal below 16750
Nifty @ 17560: Nifty ready to take-off?
Nifty In the past post we had mentioned "Nifty is giving sign that correction is maturing and markets are looking for an excuse to breakout from this correction. Continuous strength from here is likely to push Nifty back towards 18K and 18500 levels"
We had also mentioned that-"..........in case market continue to see a move above 17400-500 zone then it is possible that we see a similar rally even this time too (will not be surprised to see a new high above 18500 levels in that case)."
Nifty has added 250+ points in last 3 trading sessions and has successfully managed to close above 17450 levels which has now prompted us to change the overall market direction to UP. bears had a small window of opportunities, but they failed to pull Nifty down in last 3 trading sessions. They way market is trading now is giving strong indications that some sort of base is being formed (or already formed) which can push markets up from here. Consolidation we are seeing are around 17500 is indicative of that only. We can continue to see 200-300 point drop (intradayor it my last 1-2 trading sessions) but eventually market should be able to pull higher from there. Traders can and should utilise the dips as fresh buying opportunities (ofcourse with strict SLs). Next (small) resistance for Nifty is at 17650 and strong support exists at 17400 levels.
Happy Trading!
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