Nifty Rally of 627 Points may seems to be entering a short correction soon..
Nifty current uptrend started on 17th October, 2014. It hits low of 7723.85 and today it hits high of 8350.6. Total 627 point bull run seems to be halted for a time being before starting a fresh rally...
We have observed one of the longest bull run in Indian Stock market. Since more than one and a half year nifty is in continuous bull run. In this long bull run, we have observed consolidation or correction on number of occasions. Nifty has never shown continuous up move of 1000 points in a single uptrend. Every 600 - 700 points Nifty is taking some rest or say it shows a bit of correction. This bull run lasted 17 days with 3-4 day mini consolidation from 22nd to 28th October, 2014.
The current Bullish trend has already shown more than 600 points bull run with mini consolidation of 22nd to 28th October, 2014. Today it opened gap up at 8348.15 and came down up to 8324.15, making a spinning top type of red candle on the top.
This is an indication of bearish move. The nifty seems to be bearish for a time being. Means it may give few red candles or red green candle combination for next few days. Holidays coming in the way may also add to this situation.
If Nifty shows correction, then it has supports at 8180. Nifty is supposed to trade in the range of this 8180 to 8450. At 8450 it has resistance.
Note: Though Nifty is showing correction mood, it is to be noticed that markets are in long term bullish trend and over all trend will remain bullish unless any major incidence occurs in macro - micro economy...
Trend is Friend....Happy Trading...
- Anand Singh Gaur
- Sunil Kothari