Indian markets are likely to open Negative today tracking global markets, SGX Nifty is trading @ 8125 (-71 points)Last week Nifty dint not surpassed 8300 - 8340 levels which were crucial resistance and week closed Negative by more the half a percent.
As said a weekly close below 8200 - 8180 will be negative for Nifty, Nifty closed below 8200 - 8180 on Friday, giving a weekly close @ 8170.
RSI Candle Negative Divergence on weekly charts which indicating a stop on up move for short term. Successfully close below 8130 - 8100 will lead Nifty towards 8060 - 7950 levels.
Areas to watch out :
Supports @ 8130 - 8100 - 8060
Resistance @ 8200 - 8240 - 8300
Bias changed to Negative and sell on rise will be strategy to looked upon.
Trade with Strict stoploss and with Proper Money Management.
Regards,
Mayur S.
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