Hi All,
Markets are likely to open on a
flat to positive note tracking global markets, SGX Nifty is trading @
8786 (+15 Points)
Nifty yesterday went above 8800
but was unable to sustain above 8800 and came down to 8736 and then traded in a
range throughout the day – 8735-8765.
On daily charts Nifty gave a
Bearish Engulfing candlestick pattern on daily charts @ a daily gap down resistance
of 8810 – 8822. On hourly charts Nifty is gave a candle divergence and a
break below 8730 – 8720 will be Negative for Nifty in short term with Support
can be seen at 8640 – 8600 – 8550 and resistance nearby 8800 - 8820.
Areas to watch out
Supports @ 8730 – 8690 -
8640
Resistance @ 8800 – 8830 -
8870.
Bias will changed to Negative if
Nifty breaks 8730 – 8700 levels.
Trade with Strict stoploss and
with Proper Money Management.
Regards,
Mayur Shah.
