Hi All,
Personal View : Mayur Shah Education Instructor.
As mentioned in the last Update about Symmetrical Continuation Triangle formation on Daily chart which got a Breakout when Nifty broke 8660 – 8700 levels.
Yesterday Nifty went above 8800 creating a high of 8819 but was not able to close above the physiological level 8800 (Close @ 8786).
Up move will continue as there is not selling signal on daily charts, However on Hourly charts Nifty gave Classic Negative Divergence which will trigger when Nifty breaks 8770 – 8760 (Immediate support) with Supports nearby 8730 – 8680 – 8640 and resistance can be seen at 8820 – 8840.
Areas to watch out
Supports @ 8700 – 8660 - 8620
Resistance @ 8760 – 8800 - 8840
Bias for Nifty remains positive until Nifty stays above 8700 – 8640, Buy on dips will be advisable.
Trade with Strict stoploss and with Proper Money Management.
Regards,
Mayur S.
Do it now. Sometimes 'later' becomes 'never'
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