Hi All,
As mentioned in the earlier update (Read - Book Profits) Nifty turned the course from 9050-80 mark (bottom near 9075) and bounced back sharply to create a new Life high near 9280... It took support near the super trend level of 9068
Though, in my opinion, a slight lengthier correction would have been healthy for the uptrend to sustain longer, after creating a new high or may be if Nifty surpasses 9300 mark the same looks difficult now and markets are set to rise at least till 9400-9500 levels.
On daily and weekly charts Nifty has shown a hidden positive divergence (Please see the image for Classic / regular Divergence Vs Hidden Divergence) which is a welcome sign for bulls going forward.
Though short term traders can capitalize on this divergence, it would be advisable, especially for positional and long term traders to wait for a Weekly close above 9280-9300 for a mid term up ward bias...
Any upside is warranted with a support of 9075- 9000 levels, as breaking that level will give lower bottom formation for Nifty which is not good for bulls....
Trading action for this week will be very crucial to decide the further course of the markets.....
As mentioned in the earlier update (Read - Book Profits) Nifty turned the course from 9050-80 mark (bottom near 9075) and bounced back sharply to create a new Life high near 9280... It took support near the super trend level of 9068
Though, in my opinion, a slight lengthier correction would have been healthy for the uptrend to sustain longer, after creating a new high or may be if Nifty surpasses 9300 mark the same looks difficult now and markets are set to rise at least till 9400-9500 levels.
On daily and weekly charts Nifty has shown a hidden positive divergence (Please see the image for Classic / regular Divergence Vs Hidden Divergence) which is a welcome sign for bulls going forward.
Though short term traders can capitalize on this divergence, it would be advisable, especially for positional and long term traders to wait for a Weekly close above 9280-9300 for a mid term up ward bias...
Any upside is warranted with a support of 9075- 9000 levels, as breaking that level will give lower bottom formation for Nifty which is not good for bulls....
Trading action for this week will be very crucial to decide the further course of the markets.....
