Hammer ! ! !

Hi All,

As expected, Nifty did not break 7880-60 levels and continued the upward journey.

It’s now trading near a crucial resistance of 7980-8000......

However, after crossing the same, Nifty is likely to continue the current up move to higher levels of 8100-8220-8340-8360

On monthly charts Nifty made a strong bullish Hammer pattern, and the same will be confirmed only above 7980-8000 levels.

Supports on the lower side – 7930-7880-7830-7800-7730-7700

Resistances – 7980-8010-8115-8220-8340-8360

7980-8000 levels are very crucial for markets and Nifty needs to break that convincingly in order to continue the up move.

Cheers ! ! !

Evening Star . . .! ! !

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