Markets are likely to open on a flat to positive note tracking global markets, SGX Nifty is trading @ 8611 (+30 Points).
Market is likely to surge again, riding on strong global cues while earnings of index heavyweights TCS, Infosys and Reliance will be in focus.
Yesterday we saw a strong momentum on Nifty and it was able to cross 8550 and gave a closing of 8565 which indicate there is more upside. However Nifty is trading in overbought zone on weekly, daily and hourly charts, so going long will not be advisable at these movement.
8600 - 8660 crucial resistance for Nifty where 8480 - 8400 will be crucial supports going ahead.
Areas to watch out :
Supports @ 8530 - 8480 - 8440 - 8400 - 8360 - 8330
Resistance @ 8590 - 8630 - 8670 - 8700
Supports @ 8530 - 8480 - 8440 - 8400 - 8360 - 8330
Resistance @ 8590 - 8630 - 8670 - 8700
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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