Hi All,
Markets are likely to open on a Negative note tracking global markets, SGX Nifty is trading @ 8674 (-22 Points).
Markets are likely to open the first trading session of August Contract today on a Negative note.
After a rally of 50 points from the low of 8610, Nifty yesterday close above 7650 - 7660 resistance levels. If Nifty give consistent close above 7650 - 7660, then we can expect Nifty to gain momentum which will help Nifty to move towards 7750 - 7800 in near term. However we don't recommend to buy right now as its overbought on daily and hourly charts.
Buy on dips will be advisable with proper evidence on charts.
Areas to watch out :
Supports @ 8620 - 8570 - 8520 - 8470
Resistance @ 8700 - 8750 - 8830
Trade with Strict stoploss and with Proper Money Management.
Regards,
Mayur S.
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