Hawa badal rahi hai!!!

Hi All,

Markets are likely to open Sharp Negative tracking global markets, SGX Nifty is trading @ 8763 (-144 Points)

Shooting Star on Weekly, Candle Divergence on daily charts, Classic Negative Divergence on hourly charts and that to all this as Major Resistance of 8940 – 9120. All this was suggesting a halt at Uptrend. Next Major supports on weekly charts are nearby 8570 – 8500.

Today’s opening will be Sharp Negative as SGX Nifty is trading -140 points and Asian markets down more than 1% due to sharply lower finish for major US indexes on Friday amid concerns central banks will become less accommodative.

Accommodative Monetary Policy - When a central bank (such as the Federal Reserve) attempts to expand the overall money supply to boost the economy when growth is slowing (as measured by GDP). This is done to encourage more spending from consumers and businesses by making money less expensive to borrow by lowering the interest rate.

Areas to watch out

Supports @ 8760 – 8680 – 8640 - 8600

Resistance @ 8900 – 8950 - 8970

Bias will change to Negative for Medium term if Nifty breaks 8530 – 8480 levels.

Trade with Strict stoploss and with Proper Money Management.

Regards,

Mayur Shah.