Morning Star on Daily.....

Hi All,

Personal View -

As posted earlier, markets took support near 8k mark and have seen a sharp bounce. Now 8200 holds the key for further upside. Above 8200, 8510 will be the next mid term support and above that it looks very certain that 8000 might not be broken.

Technical observation on Nifty on on daily charts has made a Morning Star pattern which is supposed to be very bullish and which earlier had caused a rally from 8000 to 8500 levels in last month... However today's high of 8150-8160 should be take out and sustained for the upward moment to continue....

Cheers....

Market update - Flirting with 8k

Hi All,

As expected market again took support near 8k mark and has witnessed yet another sharp bounce of around 100 points, however the support has now become very week and if Nifty again is retraced to the levels of 8k the chances of it being broken are higher.

On the upside, 8135-8200 are key resistance areas where a new selling can emerge, however if Nifty manages to surpass and importantly sustain these levels the doors for further upside are wide open.

Since markets are trading with huge volatility. its advisable to stay cautious and trade with strict SL for any trade long / short.

My personal view is any sizable upside only visible if 8200 is taken out convincingly. and on the lower side triggering 8k-7950 mark can be a panic button for all the bulls currently long in markets

Cheers