NIFTY above 11800 has turned the structure positive for long term. And now is out of a danger to test 10500 levels. In near term. So now the primary shift which will take place would be to buy on dipps not at any point. Above 11800 NIFTY now trades above the 45 days high as well as quarterly high of previous 3 months. In my earlier posts I explained the importance of Aug highs in detail.
Now as I repeatedly said earlier about the positivity in short term structure. Which has been only increasing since Monday. And which also provides greater clarity to short term traders. Now when long term direction of price cycle is clear it is now important to follow the short term cycle as well. Earlier I provided the target zone of 11725 to 11765 with supports at 11490 and 11380 on spot. Now when the Target zone is achieved the major support now lies at 11540 until 11540 holds on spot NIFTY might test 11900 and 12050 on spot positionally.. the problems for NIFTY would start only below 11540 as of now
As I usually refer on the law of motion. Though the trend is clear above 11800 to create fresh longs appropriate entry is around 11640 with 11540 as sl. For the mentioned targets
Disclaimer views expressed above are personal. And are Subject to change with time. Any Trades taken with reference to above Analysis has to be at your own risk. Trading in Financial markets is always subject to risk. So dont forget to consult your Financial advisor before taking any trades.
gann,insides 