Hi All,
Markets are likely to open on a Positive note, tracking global markets, SGX Nifty is trading @ 8679 (+24 Points)
Markets went below the Trend Line support on daily charts but with low volume and it was trading at daily support zone of 8540 – 8470 and bounced back from these levels and gave a close above 8600.
Since it has bounced back from support and closed above 8600 we can expect Nifty to move upwards till 8630 - 8650 – 8700 mark.
Areas to watch out
Supports @ 8570 - 8540 - 8500 - 8470
Resistance @ 8650 - 8680 - 8730 - 8760 - 8800
Bias for Nifty will be positive if Nifty manage to stay above 8660 – 8700.
Trade with Strict stoploss and with Proper Money Management.
Regards,
Mayur S.
Markets are likely to open on a Positive note, tracking global markets, SGX Nifty is trading @ 8679 (+24 Points)
Markets went below the Trend Line support on daily charts but with low volume and it was trading at daily support zone of 8540 – 8470 and bounced back from these levels and gave a close above 8600.
Since it has bounced back from support and closed above 8600 we can expect Nifty to move upwards till 8630 - 8650 – 8700 mark.
Areas to watch out
Supports @ 8570 - 8540 - 8500 - 8470
Resistance @ 8650 - 8680 - 8730 - 8760 - 8800
Bias for Nifty will be positive if Nifty manage to stay above 8660 – 8700.
Trade with Strict stoploss and with Proper Money Management.
Regards,
Mayur S.
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