Markets are likely to open on a flat to positive note tracking global markets, SGX Nifty is trading @ 8541 (+17 Points).
Yesterday Nifty opened firmed and during the day it was flirting with 8500 and managed to break and closed above 8500 mark.
Nifty is trading in overbought zone on weekly,daily and hourly charts, so going long will not be advisable at these movement.
8540 - 8600 crucial resistance for Nifty where 8480 - 8400 will be crucial supports going ahead.
8540 - 8600 crucial resistance for Nifty where 8480 - 8400 will be crucial supports going ahead.
Areas to watch out :
Supports @ 8480 - 8440 - 8400 - 8360 - 8330
Resistance @ 8540 - 8590 - 8630 - 8670
Supports @ 8480 - 8440 - 8400 - 8360 - 8330
Resistance @ 8540 - 8590 - 8630 - 8670
Bias will be stay cautious as Nifty is overbought on daily and weekly charts. Buy on dips with proper evidence on charts will be advisable.
Trade with Strict stoploss and with Proper Money Management.
Regards,
Mayur S.
Mayur S.
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