Sell on Rise!!!

Hi All,

Markets are likely to open on a flat note, tracking global markets, SGX Nifty is trading @ 8594 (+ 4 Points).

Yesterday Nifty opened positive and we saw a U turn after the opening, Nifty closed 102 points negative @ 8568.

As said on daily chart Nifty gave a candle Negative divergence with a Indecisive candle on 8-Aug and followed by a big red body(Bearish Engulfing Line) which indicate there might be a stop in the up-move. We got the entry yesterday when Nifty broke 8640 - 8630 levels and then Nifty tanked to 8570, Next supports for Nifty can be seen near by 8540 - 8470.

Areas to watch out
Supports @ 8550 - 8500 - 8470
Resistance @ 8610 - 8690 - 8730

Bias for Nifty will be sell on rise with reversal above 8700 - 8730.

Trade with Strict stoploss and with Proper Money Management.

Regards,

Mayur S.