Hi All,
As expected, markets respected the Hanging
Man pattern which was an alarming signal for the Nifty.
Markets plummeted by around 150 points from
the day’s high near the mentioned resistance area of 7750....
While plummeting Nifty also broke supports
near 7670-7630..... and rested just above the psychological mark of 7600....
Now, it has filled the Rising window (Gap Up) of 18th and 21st
March (7613-7617) and close above it, which is a sign of relief and which means
the lows of 7600-7580 will be very crucial now.
The bias for the market will change from
bullish to neutral, as a strong fall is worrisome for the markets going forward.
SGX Nifty is trading with a flat to
negative bias and a similar kind of opening is expected on Dalal Street, hence,
we will wait and watch for taking any action.
Levels to watch out for -
Supports – 7600-7580-7515-7475
Resistances – 7660-7685-7705-7750
Cheers
1 comment:
GUD
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