Hi All,
After making a bottom near 7700 and
consolidating in range for few days Nifty finally showed a positive strength
and broke above the range bound movement and surpassed the key resistance of
7940-50...
More importantly, Nifty and Sensex has
created Bullish engulfing patterns on Weekly charts which is a sigh of reliefs
for the bulls going forward.
On the higher side
now, 8005-8050-8120-8250-8340 will act as strong selling/supply areas whereas
7910-7880-7810-7700-7650 will act as strong demand areas on lower side.
Traders are advised not to hold undue shot
positions without Stop Losses.
However if Nifty
closes below 7700 for a couple of days then we may expect steep downside which
may even take Nifty to < 7500 levels
Cheers
Hrishi
