Markets are likely to open on a flat note, as SGX Nifty is trading 7 points lower.
Areas to watch out :
Nifty was trading in the resistance zone, also it was overbought, we saw Nifty tanked by 100 points yesterday went below 7600 mark created a low of 7587 and close above 7600.
On daily charts a bearish candle has occurred with significant selling pressure, a close or a break below yesterday low i.e., 7587 will be negative for Nifty for short term with near term supports @ 7540-7460-7400 levels.
Next Crucial levels to watch out for bulls will be 7600 - 7580 levels and if it breaks 7580 and sustain below it then we may see Nifty moving towards 7540-7460 levels.
Bias remains positive until it close below 7600-7580 levels for short term,buying on dips will be advisable only if there is some evidence on charts.
Will update view as markets progress and give proper trade based on the charts.
Regards,
Mayur. S
Mayur. S
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