Spinning Top!!!

Hi All,

Markets are likely to open on a Negative note tracking global markets, SGX Nifty is trading @ 8668 (-19 Points).

Personal View : Mayur Shah Educational Instructor

Yesterday markets crossed 8700 and created a high of 8711 but was unable to sustain above 8700 and closed @ 8636.

On daily chart Nifty has created a Bearish Spinning Top with RSI Classic Negative Divergence which indicates a halt at uptrend. Break below 8590 - 8570 will open doors for Bears with supports near by 8500 - 8470.

Areas to watch out :
Supports @ 8590 - 8570 - 8500 - 8470
Resistance @ 8670 - 8720 - 8770 - 8800

Bias will change to Negative if Nifty breaks 8590 - 8570.

Trade with Strict stoploss and with Proper Money Management.

Regards,
Mayur S.