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Trading above 1490$ - There is room for gold to move 80-100$ upside in 1580-1625$
Later below 1490$ - It can slip to 1410/1265/1050$ as per long term strategy.
Holding below 11310-11325 – Bias remains negative & whole explosive rally of last trading day could fizzle out & Index could slip back to
Below 11140 – target is 11080-11090
Below 11080- Expect 10950
Below 10890– Expect 10750
Below 10740– Expect 10580-10615
Note – Above 11325 – This idea gets invalidated
SGX Nifty is +100 so likely benchmark Indices opens gap up.As suggested above 11325 - this idea gets invalidated.
No sell would be taken & shall wait for some time to check the response & don't get excited as that could lead into unfavorable position.
Now, after a long time -I am reminding again : Index is extremely positive from 10300-10600 zone to 13K & 15K+ targets which could be achieved in another 3-5 months.
That is the reason- If you pull up few stock analysis which I did earlier
SBIN above 250's can head upside to 450-500+ target
BOB - Bank of Baroda - Can push upside above 90's for 200+
Tata Coffee above 80's for 140/250+
TataSteel could shine again from 325 to 700+ / 900+
Sustaining on high levels is tough so avoid in buy positions at this place. You can plan to buy only if Nifty drops to 10800-10900 - Most likely 11637 should hold.
So, Drop can be expected from 11666 highs to 11380-11400 & below 11275-11300 for 11000 Below 11000 for 10800-10900 which will hold 10637 lows. Thanks
Typo error ----------------- 10637 instead of "11637- wrongly typed"
Picture of the Day & What I expect Next. Thanks & use proper risk management to trade in markets which is volatile at the moment.
Day High @11695
Only Risk takers
Surpassed 11666 & made new high at 11695 - Looks choppy upside till psychological level 11700 is protected next - on Intraday basis we can assume correction.
Downside we look for 11475-11500
SGX Nifty opening 2nd time 80+ points suggesting that the explosive move which was expected from lower ends has probably started.
So, do not fight with the trend.
Going above 11705 - " holding above 11705 - it can push upside to 11950-11980
Anytime later below 11475-11500 only we need to review the structure.
Going above 11981 - we need check 20 points space 11980-12000 for resistance crossing 12000 & holding above 12000 -it can push even further to 12100-12200. Thanks
I will repeat my words again - at bottom close to 10650-10700 zone -most of us was expecting that Index should falling & continue upside
Now after few days only when Index started moving in explosive manner almost 1000 points - most of us expecting that it should stop the upside move -isn't this funny! This what called as "emotions" & when emotions come into trading - we all stop thinking & get carried away.
So, mood change from bullish to bearish / bearish to bullish isn't so easy -it takes time.
Happy to see that SGX Nifty was 80+ but Nifty India did not get the gap up move which is 1st clue that it could be topping out soon so we need some patience & worst scenario will be for bears is going above 11705 - they should not fight with trend & wait for their chance.
Please follow previous updates & plan your trades accordingly. Thanks