Markets are likely to open on a positive note tracking global markets, SGX Nifty is trading @ 8516 (+28 Points).
We saw bulls getting stronger yesterday, where Nifty opened @ 8407 mark and bulls take Nifty to a fresh high of 8474.
Nifty is trading in overbought zone on weekly,daily and hourly charts, so going long will not be advisable at these movement. 8500 - 8530 crucial resistance for Nifty where 8410 - 8400 will be crucial supports going ahead.
Areas to watch out :
Supports @ 8440 - 8400 - 8360 - 8330
Resistance @ 8500 - 8530 - 8590 - 8630
Bias will be stay cautious as Nifty is trading near to resistance area of 8500 - 8530 levels. Buy on dips with proper evidence on charts will be advisable.
Trade with Strict stoploss and with Proper Money Management.
Regards,
Mayur S.
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