Bang Bang!!!

Nifty is likely to open on a flat note tracking global markets. SGX Nifty is trading 2 points higher.

As said in the last post that Nifty took support at daily basing area of 7550 – 7400, we saw Nifty losing it downward strength with confirmation by multiple RSI Classic Positive Divergence, which help Nifty to touch 7678 (yesterday High) and closed near to high.

Now, we may see a up move till 7700 – 7740 – 7760 levels as these are the Next area of Resistance for Nifty. Buying right now will be a concern because Risk : Reward ratio will not be favorable.

As its trading near the resistance and on hourly charts Nifty is in overbought area buying right now will be bit risky. So we have to wait and watch for further Market movement.

Bias will be stay cautious for both Bulls and Bears. Trade with strict Stoploss.

Regards,

Mayur. S