Hi All,
As expected, Nifty is currently halted its
journey near 7940 mark, above which it can travel till 7980-8000...
However, it’s making a bearish candlestick
pattern (Evening Star) on daily charts which will be confirmed if Nifty breaks
7880-60 level.
If 7880-60 is taken out the last ray of hope
for bulls will be 7830 below which Nifty may come down till 7700-7730 levels.
Bulls are advised to remain cautious and
trade with strict stop loss below the aforesaid supports, where as bears can
have stop loss above the resistance of 7940-50....
However, till such time Nifty is trading
above 7880-60, it is advisable to be on the long side and avoid short
positions.
Cheers
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