Markets are likely to open on a strong note tracking global markets, SGX Nifty is trading @ 8399 (41 Points)
On Friday Nifty created a high of 8356 and was unable to sustain above 8350 levels and closed at 8326. If Nifty closes above 8340 - 8360 then we can expect Nifty touching 8500 - 8550 levels.
However Nifty is trading in overbought zone on Hourly, Daily and weekly charts, Going long will not be advisable now. we will use the same strategy - Buy on dips with proper evidence on charts.
Areas to watch out :
Supports @ 8300 - 8240 - 8200 - 8150
Resistance @ 8340 - 8370 - 8400
Trade with Strict stoploss and with Proper Money Management.
Regards,
Mayur S.
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