Bulls defeated . . . ! ! !

Hello Everyone,

Exactly as expected yesterday morning, Nifty scaled higher till 7510 mark, however could not give an hourly close above the same, hence, hammered badly and closed lower by more than 100points at 7387.25

Though, it is currently trading near a support of 7350 levels, the way it fell sharply yesterday, doesn’t look like Nifty will hold the same and expected to break that level, even the SGX Nifty (down by 60 points) and global markets (Nikkei down by 5%) are suggesting that.

Intraday bias for the day looks like negative unless there is any bullish confirmation on hourly / 15 minutes charts.

Levels to watch out for intraday are –

Supports – 7320-7300-7260-7235

Resistances – 7410-7460-7510

Traders are advised to be cautious, as the India Vix index (Volatility index) was up by > 11% yesterday and the same has bounced back from the support zone of 15.50 – 16.50% as posted earlier. Also on account of the key economic events lined up the volatility is expected to rise further.

Cheers