Hi All,
Back with the market update blogs after Ganapati Holidays.....
Nifty after bottoming out @ 7540...... now trading near a resistance of a downward gap from 8090-8225....
After 6 consecutive positive closes, today Nifty closed negative by around 0.5% @ 8129...
On daily charts a bearish candlestick at a resistance, increases chances of a weak outlook for short term.
Below 8100-8080, Nifty can come down till further support zones of 8000-7875-7700.
However 8080 level remains crucial for any downfall to unfold. Also, IV (from India Vix chart) looks like taking a support near 1699, and likely to bounce back from here, which in turn again raises concerns for bulls. Traders are also advised not to take a too many leveraged positions as the volatility is likely to increase going forward.
Supports - 8100-8080-8050-8000
Resistances - 8160-8200-8230
Traders advised to play safe with strict stop losses for Long and short trades on the back of higher volatility expectation.
Cheers...
Back with the market update blogs after Ganapati Holidays.....
Nifty after bottoming out @ 7540...... now trading near a resistance of a downward gap from 8090-8225....
After 6 consecutive positive closes, today Nifty closed negative by around 0.5% @ 8129...
On daily charts a bearish candlestick at a resistance, increases chances of a weak outlook for short term.
Below 8100-8080, Nifty can come down till further support zones of 8000-7875-7700.
However 8080 level remains crucial for any downfall to unfold. Also, IV (from India Vix chart) looks like taking a support near 1699, and likely to bounce back from here, which in turn again raises concerns for bulls. Traders are also advised not to take a too many leveraged positions as the volatility is likely to increase going forward.
Supports - 8100-8080-8050-8000
Resistances - 8160-8200-8230
Traders advised to play safe with strict stop losses for Long and short trades on the back of higher volatility expectation.
Cheers...
