RAY OF HOPE - BULLS!!!

Hi All,

Markets are likely to open on a Positive note tracking global markets, SGX Nifty is trading @ 8224 (+109 Points)

Yesterday Nifty opened marginally lower and then we saw a huge sell off which lead Nifty to touch 8100 and closed above 8100 levels.

On hourly charts Nifty showed some relief to bulls – Classic Positive Divergence which will triggered when Nifty breaks 8200 – 8230 levels with Next resistance can be seen nearby 8270 – 8350 – 8400. Since IV is near about 20% we can expect huge volatility in the near team.

Areas to watch out
Supports @ 8100 – 8070 - 8000
Resistance @ 8230 – 8270 – 8300 - 8350

Bias will change to Positive if Nifty sustains above 8200 – 8230 for short term.

Trade with Strict stoploss and with Proper Money Management.

Regards
Mayur Shah.