Another week of solid gains on INDIAN INDICES. Past week went exactly on expected lines. As we expected NIFTY to scale new highs in prior week and accept Thursday NIFTY made new all time highs in all trading session’s during the week. And it continued to achieve the Weekly Targets. Since we again had the weekly high on Friday this week also optimism would prevail in our markets. But as I stated several times in my previous blog posts to chase this upside sensibly and consciously. And follow the trend on upside. So far this approach has given us desired results in our Trading Success.
Though my view is to stay conscious on markets it’s not at all bearish. Because NIFTY hasn’t broke a single support since last week of November. With every rise supports are just moving higher. So until the supports breaks the Bearish view doesn’t stand on any Merit of the rules provided for Trend analysis. Until we as a Traders think,expects,or,believes that market has topped out or bottom out without any practical reason. Because why would market care what you or me thinks individually. Financial Markets follow their own pattern which we have to follow. So until that pattern doesn’t breaks it makes no sense as conservative Trader to trade against the Trend. So even we gets anxious where the top of this rally would be conservatively we have to wait until market gives us a absolute and clear signal. As humans we always have a tendency to predict the top or bottom before anyone else predicts it. So once you have that control on that Mental Behaviour Trading would be an easy stuff for you.
Last week was pivotal for markets. Because several Time Cycles ended in previous week. So going ahead the high and low should be considered as a reference points for this month. So both the price and time are extremely bearish or bullish only below or above the range of prior week. In between the range trend should be considered neutral. And this applies to all stocks and comodities across the world. Well a long calculation has been involved behind whole conclusion. Just to make it easy to understand I had tried to explain it in a simple manner.
Last week I gave the level of 13520 as a first target of the week followed by 13680. NIFTY achieved the first target on wednesday. NIFTY BANK also achieved it’s long pending target of 30500 this week. Since both the Indices achieved their swing Targets supports have shifted significantly higher. Which on NIFTY lies in the zone of 13220 to 13300 on spot which once breaks would signal more downside. So consider to exit longs if you are a swing trader. For NIFTY BANK major swing support is placed at 29700 on spot. As long as these supports holds rhythm of markets would stay intact.
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.
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