Volatility to continue!!!

Hi All,

Markets are likely to open on a Negative note tracking global markets, SGX Nifty is trading @ 8096 (-17 Points).

Nifty touched 8250 last week but dint sustain above it and gave a weekly closing @ 8086. On weekly chart after a Hammer there a Huge selling pressure candle which occurred last week.

Going ahead If Nifty has to move up then it has to close above 8250 - 8300 levels else markets will not sustain at higher levels.

The Indian market is likely to be cautious as global markets start the week on a cautious note post Italian vote referendum.

Markets are likely to be volatile this month as RBI Quarterly monetary policy is on 7th December and then FED meeting.

Areas to watch out

Supports @ 8050 – 8000 – 7950 - 7920

Resistance @ 8160 - 8200 - 8250 – 8300 – 8320 - 8400

Bias will be wait and watch for proper indication on charts.

Regards,

Mayur Shah.