Indian markets are likely to open on a flat to positive note today tracking global markets, SGX Nifty is trading @ 8297 (+13 point)
Yesterday Nifty trade in a tight range of ~ 50 points (8288-8249), A break below 8250 will lead Nifty towards 8200 - 8180 and a break above 8300 will lead Nifty to next resistance which can be near by 8340 - 8370 levels.
Markets are trading at daily resistance of 8300 - 8340, buying right now will not be advisable. We have to wait and watch for proper evidence on charts to enter into the trade.
Areas to watch out :
Supports @ 8250 - 8200 - 8170 - 8130
Resistance @ 8300 - 8340 - 8370 - 8430
Bias will be buy on dips with proper evidence on charts.
Trade with Strict stoploss and with Proper Money Management.
Regards,
Mayur S.
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