On 10 Jan we posted that nifty was stuck up in range ( see link http://kolhapuritrader.blogspot.com/2012/01/nifty-stuck-up-in-range.html ).On same day it broke out above 4800 and the target for this break out comes around 5000-5050.
Today morning we mentioned that there is evening doji star formation yesterday ( see link http://kolhapuritrader.blogspot.com/2012/01/evening-doji-star.html ), and there is possibility of reversal of short term uptrend. That means nifty will start downtrend. As expected today nifty opened lower.
These 2 are contradictory views but sometimes market don't give clear cut view, hence u should be prepared for both the directions.This is time when short term traders r not sure of the trend.
So as per view posted on 10 Jan there is possibility of up trend ( BULLISH VIEW ), and as per view posted today there is possibility of down trend ( BEARISH VIEW). Today as expected nifty opened lower but taken support near breakout level of 10 Jan ( 4800 ) and today also formed doji ( adjusted level will come around 4831 ). This also indicated that indecisiveness or inconclusiveness of short term traders.
So as of now unless yesterday's high ( 4877.20) is taken out there is no possibility of up trend, and unless 10 Jan low ( 4768.25) is taken out there is no possibility of down trend. Unless one of these two levels taken out nifty will once again stuck up in new range. Who will win BULL or BEAR ? The time will only tell us.
BUT OUR GUT FEELING SAYS THAT IT WILL BREAK YESTERDAY'S HIGH AND WILL MARCH TO TARGET 5000-5050.
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1 comment:
it achieved the target of 5000- 5050.
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