- The smart upside breakout of the hurdles of last session has resulted in a sharp follow-through upmove today and Nifty closed the day higher by around 87 points.
- Nifty opened today with upside gap of around 50 points and showed minor intraday consolidation during early part of session. A fine upmove has emerged during mid-later part and Nifty closed near the day’s high. The opening upside gap has been filled partially.
- A long bull candle has been formed with gap up opening, which is indicating positive bias for short term. The market breadth was better today with AD ratio placing slightly higher than 1:1 levels. But, this is not convincing in line with 87 points upmove in Nifty.
- Nifty is now on the way towards the important all time swing high of 10137 levels (green dashed horizontal line). Today’s up move has so far negated the bearish weekly pattern (bearish engulfing) of mid of Aug as per intra-week (weekly confirmation is crucial).
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Conclusion & Strategy: The short term trend of Nifty is positive and there is a possibility of some more upmove for short term. The area of 10150-180 levels is going to be a tuff task for the market and that could possibly lead to reversal from the highs in the next few sessions.
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