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Nifty: Expect continuation of upmove in Nifty for the next 1-2 sessions

HDFC Sec | 19 Jun, 2017  | Follow Author | Add to my Favourites 
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Current Observation:

- After showing consolidation on Friday, Nifty witnessed a smart upside bounce back today and closed the day with handsome gains of around 69 points.

- Nifty opened today with upside gap of around 38 points and later shifted into intraday sideways range for better part of session. Intraday upside breakout of the range witnessed during afternoon and the market sustained the gains and closed near the day’s high. The opening upside gap remains unfilled.

- A long bull candle has been formed today with gap up opening (body gap, not a western gap), which is suggesting a near term bottom reversal in the market. This action has happened, after a series of choppy trade with minor corrections over the last 4-5 sessions.

- Nifty has been moving up as per positive sequence of higher tops and bottoms over the last many weeks and today’s upside bounce back is indicating that the recent swing low of around 9560 levels (15th June) could now be considered as a new higher bottom of the sequence. Hence, one may expect Nifty to continue with uptrend and move into new all-time high area for near term.

- The theory of faster retracement is into picture now. Recent couple of higher bottoms have resulted in a faster retracement on the upside and ultimately market moved into new highs (marked in X). Today’s pattern is suggesting a possibility of yet another faster retracement on the upside (one may expect Nifty to move above the high of 9709 levels in the next couple of sessions, against the gradual decline of previous 8 sessions).

Conclusion & Strategy:

- Nifty seems to have regained upside momentum today, after a streak of choppy trending sessions with downward corrections. The overall chart pattern is now signaling a near term bottom reversal and is indicating a possibility of faster retracement on the upside.

- Hence, one may expect continuation of upmove in Nifty for the next 1-2 sessions and the recent swing high of 9709 levels could be challenged.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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