NSE:NIFTY   Nifty 50 Index
At 9980 we anticipated a reversal and advised to be cautious on basis of broader markets action (look at nifty ADL divergence idea), we shorted bank of india and profited more than expected with the market fall. Now where is the market headed? This idea would talk about very short term and analysis is done on nifty spot daily chart .
The index is at a crucial level, breaking this level shall bring a clear view on how to trade the markets for medium term. Bears would want to breach this level, the bulls on the other hand would be desperate to protect this level which might result in a sideways battle.
Now, for very short term
Bullish above 9740 target 9830
Bearish below 9679 target 9595
We are slightly biased towards the bullish side for very short term as the level we currently are is very important and some fight is expected from the bulls..
Trade closed: target reached: After suggesting a medium term reversal at 9980, we managed to catch a very short term movement of Nifty when the index opened gap up gained throughout the day on 14th AUG.
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