Go Bears, Bulls Gone!!!

Indian markets to open Negative tracking global markets,

As said in the last update that markets are looking weak for short term. we saw Nifty tanked by more then 60+ points. Today Markets are likely to open Negative as SGX Nifty is trading @ 7839 (-35 points).

On daily charts we saw Nifty gave Negative Candle Divergence, also on hourly charts Head and Shoulder pattern has occurred which indicates that markets has less upside movement and we can see Nifty below 7800 levels soon.

As Nifty broke crucial support 7870-7840 levels, we may see further downside move till 7800 - 7770 - 7740 levels.

Areas to watch out :

Supports @ 7820-7770-7740
Resistance @ 7870-7910-7950

Bias changed to Negative with Sell on rise strategy can be apply with a reversal above 7970 - 8000 levels.

Trade with Strict Stoploss and with Proper Money Management.

Regards,
Mayur. S