Hi All,
Thanks to the Wedge pattern and a RSI
Candle Divergence(Charts given below for understanding), Nifty regained all the lost ground of yesterday and closed
in the positive territory by 38 points (~0.50%)
On daily chart, after a continuous streak
of bearish / indecisive candles, Nifty today gave a nice bullish candle, a
reason to rejoice the bulls.
However, for any further upside it is
advisable that Nifty sustains above the crucial weekly resistance near 7600....
Till then, the next areas to watch out for
on the upside are 7530-7555-7570 and 7600
On the lower side
7475-7435-7420-7400-7375....
SGX Nifty is up by almost 1% (80 points),
which suggest that markets are likely to open on a strong note.
In a nutshell, 7600-7640 on the upside will
be the key area to watch out for whereas 7400-7370 on the lower side will be
crucial support.
Cheers
Please find below the patterns for illustrations....
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