Markets are likely to open on a flat to positive note. SGX Nifty is trading 15 points higher.

Areas to watch out :

Supports @ 7450 - 7400 - 7370 - 7340
Resistance @ 7510 - 7550 - 7610 - 7640

As mentioned in the last post that Nifty is trading at daily resistance zone and RSI is also overbought. Yesterday we saw some Nifty came down by 80 points and close @ 7460.

Nifty on daily charts showed some weakness and RSI gave a Negative Classic Divergence at daily resistance of 7570 - 7610 levels.

The view will change to Negative for short term if Nifty breaks 7420 - 7400 levels with supports near by 7370 - 7340 - 7300 levels and resistance near by 7510 - 7570 - 7610.

Trade with Stoploss and with Proper Money Management.

Regards,
Mayur Shah 

Education Instructor