Medium Term Market View - 30.03.15 -
“BRACE YOURSELF FOR A SUPER BULL RIDE, 9400/9600 IS READY TO WELCOME NIFTY WITH FIREWORKS"
In our last Mid Market view published on 11th March we kept our long term positional bullish view intact which we are maintianing since 5900 levels, but for trading purpose we gave sl of 8650 and below that advised shorts also which we exited later in some loss due to extreme volatility in market on back of various news flows and since then we were waiting for another safe opportunity to enter again.
After breaking below 8650 Nifty corrected smartly and quite fast too to the levels of 8270, proving our decision 100% right to exit below 8650 so that we can enter longs again at safe levels.
From it’s All time high of 9120 Nifty witnessed it’s first meaningful correction of current bull run by correcting almost 10% to 8270 in just 17 trading session.
Now What Next ? 😐
Are we near bottom ?
Is there more correction left ?
Is Bull run over ?
Let us give answer for above questions in one line - “BRACE YOURSELF FOR A SUPER BULL RIDE, 9400/9600 READY TO WELCOME NIFTY WITH FIREWORKS”
As per our analysis Nifty has corrected 100% inline with our view and corrected enough to the levels where one should feel more comfortable in going long.
Immediate important support for Nifty is 8250, and below this 8100-8050 which is a major major support zone.
So from here Add longs in any dip towards 8260-8280 zone (We have already added longs @ 8350 & 8290 on Friday).
Traders can keep sl in current long trade @ 8240,
Positional traders may keep without any sl and use every dip to add longs as per given levels below.
If in case Nifty breaks below 8240 then it can slip a bit more towards 8100-8150 levels, which will be very good levels to add longs again,
So below 8240 add long again @ 8100-8150 zone.
In worst case Nifty may see max 8050-8100 levels not more than that and that too has very low probability according to us,
Hence We will keep our sl @ close below 8050 for positional Nifty long.
On upside major resistance now stands @ 8600-8650 and break above this level should give Nifty more comfort to move upwards safely towards our target.
Above 8650 important resistance comes @ 8875-8900.
On longer term as earlier we maintain our bullish view which we are keeping since levels of 5900-6000, investors should use any significant dip to add value stocks in their portfolio.
Nifty Short Term Key Supports - 8250/8170/8100/8050
Nifty Short Term Key Resistance - 8400/8600-8650/8875-8900/9120.
Our Market view has been 99% accurate since we started posting it and continue to deliver amazing gains for our followers.
Overall conclusion is Just Buy Nifty and hold, and remember -
“Why to fear, When time to Cheer"
ALL LEVELS ARE TO SPOT.