All fall down!!!

Hi All,

Markets are likely to open on a Negative note tracking global markets, SGX Nifty is trading @ 8592 (-51 Points)

Indian shares, bonds and rupee fell sharply on Thursday after India attacked suspected militants in Pakistan, raising political tensions just days before the central bank is set to hold a policy review. The S&P BSE Sensex and CNX Nifty fell 1.64%-1.76%.

Yesterday Nifty opened positive but took resistance of Super Trend @ 8790 – 8800 and came down drastically till next area of support of 8570 – 8520 and closed above 8590.

As said in the last update that the view will change to Negative if Nifty breaks 8680 – 8640 levels, Yesterday Nifty broke 8680 – 8640 and even 8600 levels forming a Big Bearish Candle on daily chart with Super Trend change to Negative and Yesterday’s candle closed below lower Bollinger band which is sign of worry going ahead.

Looking at the Monthly chart, Today closing is important, If Nifty closes below 8550 – 8500 levels then Medium Term trend (3-5 months) will be bearish.

Areas to watch out

Supports @ 8570 – 8520 - 8470

Resistance @ 8600 – 8670 – 8700 – 8760.

Bias changed to Negative and sell on RISE will be the strategy to be trade on.

Trade with Strict stoploss and with Proper Money Management.

Regards,

Mayur Shah.