Blended Engulf & Candle Negative Divergence!!!

Hi All,

 

Indian markets are likely to open on a flat note today tracking global markets, SGX Nifty is trading @ 8229 (9 Points)

Market are likely to trade rangebound till the Britain's referendum on June 23 that will decide whether UK to stay in European Union or leave.

Nifty is trading @ daily resistance of 8260 - 8300, buying right now is not advisable, also on hourly charts Nifty gave a bearish candle - Blended bearish pattern and on daily charts Negative Candle Divergence which indicates there might be sell off till 8160 - 8100 levels.

However we don't recommend any trade as Markets are likely to remain volatile ahead of Brexit vote tomorrow.

Areas to watch out :

Supports @ 8200 - 8170 - 8100

Resistance @ 8260 - 8300 - 8340

Bias for Nifty is wait and watch.

Trade with Strict stoploss and with Proper Money Management.

Regards,

Mayur S.