Nifty Commentary Short Term Update: A renewed downside towards 9685 No change in outlook and we are looking for whether this leg would take out 9685 or not in this week? The short term trend in Nifty has turned down to negative and all indicators are set in for a new and renewed downside price movements. This new leg down in Nifty should take us down below 9685. A visible H&S is in formation in Nifty chart wherein we have just completed the head and in the process of forming a neckline. A second shoulder could come in probably by the third week of October. As of now all eyes on 9685 on closing basis.
Medium Term Update: It could be a short lived upside
Although we anticipate that Nifty could scale up new highs very soon, we also believe it could be short lived and the reversal will come in post sept. 21st and hence not initiating a new position until then. We will be on wait and watch mode. This leg of fall will resemble "as if there is no tomorrow". This leg of fall / correction will be swift, steeper and sharp. We could test 9000 mark any day in the month of September and the recovery would be much faster. i.e. if September tests 9000 lows, by October we would back above 10,000 mark. Be ready for a roller coaster ride ahead...
Nifty did close above our SL at 10,000. As per our model,
it's time to take the losses. No new positions are advised at this moment. We are initiating a new Sell for the day.
Scrip Signal Date of Signal Signal Entry C.M.P. Current