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.
Good Morning!
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.
Safe Investing!
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