Hi All,
As expected, on Friday Nifty traded with a
positive bias thanks to higher tops higher bottoms formation on Daily charts,
however still it is advisable that it crosses and sustains above 7210-7230
levels.
On weekly charts, Nifty has created a
Bullish Harami Pattern and crossing Friday’s high of ~7227 can translate in to
a some further upside for Nifty, though the pattern is not as strong as some
other classical Candlestick patterns, a bullish bias will surely be supported.
As mentioned in earlier posts, Nifty hourly
chart is forming an ascending triangle and a good volume breakout above 7230
can take Nifty higher.
Levels to watch out for
Resistances – 7230-7275-7330-7400
Supports – 7160-7120-7100
To sum up, Nifty intraday bias will
continue to be bullish unless Nifty is above 7100-7120 and short term bias too
will be bullish till Nifty is above 6960.
As mentioned, we are nearing the expiry for
the month and hence, the volatility (which is at a support on daily charts) can
go up further, so traders are expected to trade with strict stop losses on
either sides.
Cheers
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