Bottom Line: We are in last leg of the first correction of our multi month Bull Run. We will not enter Bear trajectory until Nifty breaches and close below 6580 for three consecutive days.
It’s going to be a crucial expiry for Nifty. While most of the roll overs have been done, it would be interesting to understand how smart money would stack up positions for the next series. It’s always the trend that will guide us in understanding what is most likely to happen in the coming days/ weeks/ months. So am going to make this a point to highlight you what the trends are on every blog post that been updated.
For Nifty the trends are:
Long term Trend: Correction to the ongoing Bull Run. As long as we hold on to 6580 we will not turn negative on the long term view of Bull that we hold.
Intermediate term Trend: Not trending.
Short term Trend: Trending Down. The trend will not change until we close above 8240, which means 8240 would act as SL for those who are short in Nifty.
Going to include bank nifty from tomorrow (new series) and stocks from September 1. So stay tuned as I expand my technical views beyond nifty.