Festivals on mind and Bulls on Stock market!!!

Hi All,

Markets are likely to open on a Positive note tracking global markets, SGX Nifty is trading @ 8987 (21 Points)

Festivals on mind and Bulls on Stock market.

Markets closed 130 points higher yesterday, achieving the targets of Symmetrical Triangle on daily charts.

Nifty gave 31% returns from the low of Feb 2016 (6825) without a major correction on the charts. Put Call Ratio is a 1.3 and Nifty is trading at weekly resistance of 8940 – 9120 levels. Also it is overbought in Daily , weekly charts.

However there is now sigh of weakness as of now but longs traders book profit in long trades or trail your stoploss as its trading in Resistance Zone on weekly charts.

Areas to watch out

Supports @ 8850 – 8800 - 8750

Resistance @ 8960 – 9000 – 9050 - 9120

Bias for Nifty remains positive until Nifty stays above 8750 – 8700, Buy on dips will be advisable.

Trade with Strict stoploss and with Proper Money Management.

Regards,

Mayur S.