8180 - 8170!!!

Indian markets are likely to open on a flat to Negative note today tracking global markets, SGX Nifty is trading @ 8215 (-10 point)

As said in the last update that a break below 8250 will lead Nifty towards 8200 - 8180 levels, Yesterday Nifty broke 8250 and created a low of 8184 and close near 8200 mark.

Today closing is important for market, If Nifty close below 8180 then we can expect Nifty moving towards 8130 - 8100 - 8050 levels in coming days.

However, yesterday it created a Candle Divergence on hourly charts at Support of 8180 - 8170 levels, but it will triggered only when Nifty breaks 8220 mark and nearby resistance will be 8240 - 8260 - 8290, which doesn't have proper Risk Reward Ratio.

Areas to watch out :
Supports @ 8170 - 8130 - 8100
Resistance @ 8240 - 8300 - 8340 - 8370 - 8430

Bias will change to Negative if Nifty closes below 8180 - 8170 levels.

Trade with Strict stoploss and with Proper Money Management.

Regards,
Mayur S.