Hi All,
Markets seems to be taking a breather from the upside journey and currently trading near 8530 mark which is a crucial level for bulls.
Markets should close above 8530-8540 mark for continuing its upward journey till 8600-8650.... 8650 being the crucial hurdle for the bulls in short term.
If closes below 8530 Nifty might go down till 8500-8450-8420-8400...
8400 - 8300 looks like the end of pain for medium term, 8300 on closing basis can be called as a reversal for bullish trend in mid term.
For short term traders any short positions should be with SL above 8650 (spot), bor investors looking at a mid term entry can enter half of the amount now and wait for another half if it comes down till 8400-8420....
Markets are trading near a weekly resistance and hence we may see some down side, but as mentioned earlier, till 8300 is held, there should not be any concern for mid term.
Cheers
Hrishi
Markets seems to be taking a breather from the upside journey and currently trading near 8530 mark which is a crucial level for bulls.
Markets should close above 8530-8540 mark for continuing its upward journey till 8600-8650.... 8650 being the crucial hurdle for the bulls in short term.
If closes below 8530 Nifty might go down till 8500-8450-8420-8400...
8400 - 8300 looks like the end of pain for medium term, 8300 on closing basis can be called as a reversal for bullish trend in mid term.
For short term traders any short positions should be with SL above 8650 (spot), bor investors looking at a mid term entry can enter half of the amount now and wait for another half if it comes down till 8400-8420....
Markets are trading near a weekly resistance and hence we may see some down side, but as mentioned earlier, till 8300 is held, there should not be any concern for mid term.
Cheers
Hrishi
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