-ve Candle Divergence!!!

Hi All,

Markets are likely to open on a flat to Negative note tracking global markets, SGX Nifty is trading @ 8950 (-9 Points)

As said in the last update that Nifty is trading at Resistance zone of 8940 – 9120, Yesterday it created a High of 8966 and then came down to 8920, traded in a tight range of 8920 – 8960.

On daily Charts Nifty gave a RSI candle Divergence which indicates that the move would be on hold if Nifty breaks yesterday low i.e., 8910-8900, and close below 8850 – 8800 will be Negative for Nifty with next supports nearby 8750 – 8700.

Areas to watch out

Supports @ 8900 - 8850 – 8800 - 8750

Resistance @ 8970 – 9000 – 9050 - 9120

Bias for Nifty will change to Negative if it breaks 8920 – 8900 levels..

Trade with Strict stoploss and with Proper Money Management.

Regards,

Mayur S.