Hi All,
As mentioned earlier, Nifty is expected
to find resistance near 7500-7530 mark and any upside is only possible after
sustaining above the said levels.
I know that we booked out our
Nifty short at a small profit on Friday and if we have to hold the same we
might have gotten higher profits, however the trade was booked as it was a long
weekend which can anytime get unpredictable.
On the lower side, 7440 will be
a very crucial level and has not become a used support, hence a break below it
could see sharp reactions in markets. Below 7440-7395-7420 will be good
intraday supports.
On daily charts after a strong
run of 3-4 days, Nifty gave a red candle on Friday which looks like the Hanging
Man Pattern, may not be a strong reversal but at least suggests a pause in the
uptrend and which, as mentioned earlier can be healthy for further upside.
In a nutshell, on the higher
side 7520-30 needs to be crossed for further upside till 7580-7610-7650-7680,
and on the lower side supports will be near 7440-7415-7395-7340
Risky traders can again take a small
risk... Short Nifty @ 7490-95 SL above
7520....
Cheers
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