Hi All,
As expected Nifty faced a resistance near
7470-7500 zone and came down marginally to around 7420 levels.
Even today in spite of strong SGX Nifty (up
by 40 points odd) Nifty opened gapped up but gave away all its gains and
currently trading flat, up by just 1 point.
Due to couple of candlestick patterns on
the daily and weekly charts, the bias is positive for the markets, but
advisably Nifty should cross and sustain 7500 mark.
Levels to watch out for –
Resistance – 7490-7510-7550-7610-7640
Supports – 7415-7390-7320-7270-7240...
Traders are advised to trade
cautiously on account of F&O expiry tomorrow. India Vix also is trading near a
support zone, and if held can bounce back sharply, which is a negative sign for
Nifty...
Cheers
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