The short term correction ended at apprx. 5548 level from where the uptrend started again. Please check the Post written at the start of November series for the insight where a likely target for the correction was expected near 5550 and then upmove to resume for higher targets - CLICK HERE
Prices went to test and whipsaw 50dma but respected the Trendline support as shown in the last post . The last week update in the comment section mentioned-
1. Double bottom formed at apprx 5548 with +ve diversion in hrly tf giving a bounce. Trendline shown in chart above gave good support.Resisted in the mentioned zone of 5630-50.
2.Now the last 3 close have been above 5dema and 5600 level making it neutral-sideways from sell on rise market.
3. 5650+ is apprx 50dma as well as 20dma level. Trading and closing above it will be bullish in short term with higher targets near apprx 5695 and 5740.
4.Caution reqd for longs if the mkts trades above 50dma but closes below it in next three sessions ,if so it may move down again to retest the recent lows.
5. If 5630 is held now in coming week , we may be in for a trending move up in the next series.
Now further -
Please go through the charts and observations on it .
Daily Chart :
Hourly Chart :
10 Min Chart :
Options Data :
- Nifty is now biased Upwards with a likely limited upside and then a range move in short term.
- The trending up move may be resisted this week in the zone of 5950 +- 25 points.
- The Markets may then move in a range but broadly keeping above 5800 this week.
- Further bullishness only on close above 5975 from where further higher targets are possible .
- Bearishness in short term now only below 5825 on closing basis.