Expiry day!!!

Indian markets to open Negative today tracking global markets, SGX Nifty is trading 7966 (-23 points)

We saw a sluggish movement yesterday, Nifty managed to closed higher by 17 points. It was trading in a range through out the day (8000-7940).

Nifty is trading near its resistance of 7970 - 8000 levels, so a Short at these levels with proper evidence on charts will be good opportunity. Also on hourly charts it has shown some kind of weakness - RSI Classic Divergence on 60mins and a break below 7940 - 7930 will lead towards 7860 - 7820 levels

Markets will remain volatile as today is a Expiry day of April Month contract (FNO)

Areas to watch out :

Supports @ 7940-7870-7820

Resistance @ 8000-8040-8080

Bias will change to Negative if Nifty sustains below 7940 - 7900 and with reversal above 7970 - 8000 levels.

Trade with Strict Stoploss and with Proper Money Management.

Regards,

Mayur, S.