Hi All,
Indian markets are expected to open gap down by > 40 points.
As expected yesterday, Nifty has taken a resistance near the range of 7820-7860 (A downward gap on daily charts called as a Falling window Candlestick pattern) and the immediate support now will be 7800-7730-7700 (there is also an upward gap (a Rising window) on daily charts of Nifty with the range of 7705-7715) on the lower side.
I personally feel that if the markets are going higher, then 7800 should not be broken, 7730 however, remains the key for bulls over short term. RSI on hourly charts have taken a support near 60 mark which is a bullish sign, and short term view for the markets will still be up till such time RSI on hourly charts trade above 60 mark.
Cheers
Hrishi
Indian markets are expected to open gap down by > 40 points.
As expected yesterday, Nifty has taken a resistance near the range of 7820-7860 (A downward gap on daily charts called as a Falling window Candlestick pattern) and the immediate support now will be 7800-7730-7700 (there is also an upward gap (a Rising window) on daily charts of Nifty with the range of 7705-7715) on the lower side.
I personally feel that if the markets are going higher, then 7800 should not be broken, 7730 however, remains the key for bulls over short term. RSI on hourly charts have taken a support near 60 mark which is a bullish sign, and short term view for the markets will still be up till such time RSI on hourly charts trade above 60 mark.
Cheers
Hrishi
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