Markets are likely to open on a Strong note tracking global markets, SGX Nifty is trading @ 8442 (+107 Points).
Last week we saw Nifty struggling @ 8370 - 8400 levels and took support @ 8300 - 8280 levels. Today's opening look like it will be above the resistance area of 8370 - 8400 levels.
GST Bill that is likely to be tabled in the monsoon session of Parliament and June quarter earnings are the two important events to watch out for in near term.
Nifty is trading in overbought zone on weekly,daily and hourly charts, so going long will not be advisable
Areas to watch out :
Supports @ 8320 - 8300 - 8260 - 8230
Resistance @ 8370 - 8400 - 8460 - 8500
Bias remains positive with buy on dips strategy with proper evidence on charts.
Trade with Strict stoploss and with Proper Money Management.
Regards,
Mayur S.
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