Market has regained 10740 level on sustainable basis and managed to cut past across its long standing resistance at 10850. (Important to ref to Sachin Says section below before you take trade decision based on this analysis).
Market is in strong uptrend now. Of couple of strong candles that was expected in last update, 1 has been delivered today.
Current trend: Strong uptrend
Post 1st session, market started displaying signs that are mostly visible when it traps the buyers. It is commonly referred to as “PUMP AND DUMP” action.
Based on characteristics displayed by the market in later half of trading hours today, I am no longer bullish on market.
As per my analysis, market might reverse it direction suddenly and sharply anytime. Thus, trade with strict stop loss.
Levels to watch for:
10800 – Level to exit buy and take short position.
Above this level, at the moment, I am not recommending long position anymore. If any open position on long side, my recommendation is to book profit.
Book profit in long positions or keep trailing SL.
Long position is not recommended at the moment.
Below 10800, short is recommended.
Contrarian view is accepted based on certain characteristics exhibited by the market today.
Market is in strong uptrend but I am not recommending long position at the moment because it is expected that market may reverse it trend suddenly and sharply and might not provide chance for exit.
Please take trade based on your analysis and diligence. Consult your financial adviser before taking trade or investment decision. Read risk disclosure carefully.