Hi All,
As Nifty did not break 7400 levels which
would have confirmed the bearish pattern of Double Top and surpassed the
resistance area of 7580-7600 in a style.
Now, on intraday charts Nifty is making a
Cup and Handle Pattern (Please find below the chart for illustration) which can have targets near 7680-7700 on a conservative
side and 7750-7780 on the aggressive side.
However, Nifty will have to surpass a minor
resistance near 7630-7650 levels.
The bias for the markets will remain
positive until we get to see any negative sign on charts.
Levels to watch out of –
Supports – 7570-7510-7475-7400
Resistances – 7630-7650-7680-7710-7750-7780
We will wait for some time before
initiating any trade....
Cheers!!!
2 comments:
It will be an interesting day tomorrow ... will it cross 7750 .... another interesting thing to watch is the closing level of nifty this series... 7800 or 7650 ??
Yes. The bias is positive, no sign of worries as of now at least.... But I prefer buying on dips rather than entering a long trade after a breakout so didnt initiate any trade today.
Let's wait and watch for the perfect time
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