Short below 8540!!!

Hi All,

Markets are likely to open on a flat to Negative note tracking global markets, SGX Nifty is trading @ 8580 (-9 Points).

Yesterday we saw positive opening and then Nifty traded sideways. On hourly charts Nifty is trading at Super Trend Resistance, which will triggered when Nifty breaks 8550 - 8540 levels with supports nearby 8500 - 8470 and resistance can be seen at 8570 - 8600.

Overall Markets are trading in a range of 8480 - 8600 and a break below 8480 and above 8600 will decide the move. 8600 - 8660 crucial resistance for Nifty where 8500 - 8480 will be crucial supports going ahead.

Areas to watch out :

Supports @ 8540 - 8500 - 8470 - 8440 - 8400 - 8360 - 8330

Resistance @ 8600 - 8630 - 8670 - 8700

Bias will be change to Negative for short term only when Nifty break 8550 - 8540 levels.

Trade with Strict stoploss and with Proper Money Management.

Regards,

Mayur S.