Hourly Negative Classic RSI Divergence!!!

Hi All,

Markets are likely to open on a  flat to Negative note tracking global markets, SGX Nifty is trading @ 8950 (-26 Points)

As said in the last update that Nifty is trading at Resistance zone of 8940 – 9120, Yesterday it took support @ 8900 – 8880 and bounce back till 8950.

On hourly charts Nifty created a Negative Classic RSI Divergence and break below 8900 – 8880 levels will open doors for bears in short term with next supports at 8850 – 8820 & resistance can be seen @ 8950 – 8970.

Areas to watch out

Supports @ 8900 - 8850 – 8800 - 8750

Resistance @ 8970 – 9000 – 9050 - 9120

Bias for Nifty will change to Negative if it breaks 8900 – 8880 levels..

Trade with Strict stoploss and with Proper Money Management.

Regards,

Mayur S.