Indian markets to open on positive note tracking global markets, SGX Nifty is trading @ 8209 (+21 points)
As posted in the last update that Nifty is trading @ daily window resistance of 8209 - 8217 and a indecisive candle at that area suggesting a pause in the uptrend, Now its look like the Nifty will take a U turn if it breaks 8140-8130 levels.
Bearish Engulf Pattern occurred on daily chart trading at Window resistance of 8209-8217 with Candle RSI Divergence, so a break below yesterday's low i.e., 8134 will lead Nifty to move down further till 8070 - 8000.
Areas to watch out :
Supports @ 8110 - 8060 - 8000
Resistance @ 8220 - 8250 - 8300
Bias will change to Negative for short term if Nifty breaks yesterday (31-May-2016) low.
Trade with Strict stoploss and with Proper Money Management.
Regards,
Mayur S.
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