Classic Positive Divergence!!!

Hi All,

Markets are likely to open on a Negative note tracking global markets, SGX Nifty is trading @ 8052 (-25 Points).

Nifty was trading flat throughout the day but in last one hour Nifty went below 8060 gave a low of 8053 and closed above 8061.

Nifty is trading @ daily support area of 8085 – 8050, on hourly charts it has given a Positive Classic Divergence which will trigger when Nifty breaks 8110 – 8120 levels with next resistance will be around 8200 – 8230 and supports @ 8050 – 8030.

Areas to watch out

Supports @ 8050 – 8030 - 8000

Resistance @ 8110 - 8135 - 8160 - 8230 - 8250 - 8280

Bias will change to positive if Nifty sustains above 8110 – 8140 levels.

Regards,

Mayur Shah.