Morning Everyone,
Markets are likely to open on a flat to positive note tracking global markets, SGX Nifty is trading @ 8603 (12 Points).
Yesterday Nifty closed below 8600 mark as its trading at resistance area of 8630 - 8660.
On daily charts its has given a Negative Candle Divergence with supports near by 8540 - 8480 levels which will get triggered only when Nifty breaks 8577 - 8570 levels(Yesterday Low).
Also on daily charts Nifty is creating higher high but RSI oscillator is creating lower high which is also a sign of worry for bulls.
In a nutshell there might be sell of around 50-80 points which we will be good for entering into long trades offcourse with proper evidence on charts and if Nifty breaks 8500 - 8470 which are crucial support then the overall view for short term traders will change to negative.
Areas to watch out :
Supports @ 8570 - 8520 - 8470
Resistance @ 8620 - 8650 - 8700 - 8780
Trade with Strict stoploss and with Proper Money Management.
Regards,
Mayur S.
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