Hi All,
Nifty even broken the levels of
7420-7400 levels, which was a good support on weekly charts and fell down to
almost 7350-30 levels in yesterday’s trade
Now as expected, it looks like
that Nifty might drift down to 7100 levels on account of no crucial support
before that level at least on charts.
The bias for the markets will
continue to be negative until there is any bullish conformation on charts.
Traders are advised to take
stock specific positions, and requested to trade cautiously on the long side
especially.
India Vix, i.e. Implied
volatility has cooled off a bit and trading near 19.77% levels, however after
surpassing 20.70-20.80% levels we can expect a further spurt in the volatility,
so trading cautiously with tight stop losses is a must.
Levels to watch out for
Supports –
7330-7300-7250-7200-7120
Resistances –
7400-7440-7470-7500
Cheers
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