FOLLOW UP SHORT TERM AND LONG TERM VIEW

SHORT TERM VIEW :-

Today at 10 am nifty closed at 5317.35 and since it taken out 5280 successfully,  the view mentioned in this post SHORT TERM VIEW got negated. Now the short term trend also turned up, so short term trader can buy any dips with recent low i.e. 5215.7 as stop loss. NIFTY may retrace i.e. fall back to test 5240-5280 range which if happens may be buying opportunity.

LONG TERM VIEW :-

On 3'rd Sept. in this post ??? OPPORTUNITY we have mentioned that " Right now NIFTY is trading near 5250. And there are high chances that it will take support in the region of 5175-5250 and bounce back. So long term investors can use current fall as opportunity to buy for handsome gain." Right now from short term chart it looks like short term bottom has been formed. But the points mentioned under short term view don't have any importance for long term investors. LONG TERM INVESTORS SHOULD KEEP EYE ON NIFTY LEVEL 5032.4. IF NIFTY DON'T GIVE WEEKLY CLOSE BELOW 5032.4 HOLD ON YOUR LONG TERM INVESTMENT OR USE ANY FALL/ DIPS/ CORRECTIONS AS BUYING OPPORTUNITIES. 

As shown in the daily chart above NIFTY tested green trend line and bounced back NOW it may target the red trend lines or once again may fall to test the green trend line in the daily line chart of NIFTY which is not tested yet.  Daily line chart of nifty is shown below.

 

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