Hi All,
Unfortunately, after triggering our stop
loss for the Long trade yesterday, Nifty bounced back sharply from 7450 levels to
7506 levels in the second of the day.
However, in spite of the bounce back Nifty
could not hold on to those gains and closed negative by half 0.5% (45 points) @
7486, which means after a solid bounce from 6825 levels for almost 4-5 days, Nifty
gave a first bearish candle on daily charts which can be a sign of concern for
bulls.
On the lower side 7390-7420-7450 will act
as supports where as on the upside 7510-7535-7550 will act as resistances.
Till the markets are trading between
7400-7550 levels, they are expected to consolidate before deciding the further course
of action, hence it is advisable for traders to keep a strict watch on these
levels and then take a trade if some supporting evidence appear on the charts.
Cheers
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