Hi All,
Nifty respected the Rising window pattern
mentioned in the earlier post of 29th March and rallied higher to
create a higher near 7777...
However, Nifty has given a Evening Star
Looking pattern on hourly charts which suggests at least a temporary pause in
the upmove, the levels of 7780-7800 will be very crucial to watch out for.
Nifty yesterday gave away its morning gains,
however managed to see a pull back, but now SGX Nifty is trading down by around
42 points suggesting a likely negative opening for markets.
Levels to watch out for –
Supports – 7690 (Crucial) – 7660-7640-7600-7575
Resistances – 7780-7805-7820-7850
The bias for the markets will be up till the time 7690 level is held for Nifty as it would mean the index is still showing higher tops - higher bottoms formation, below 7690, however the intraday bias might change...
Not initiating any trade as of now and will
come up with it after the first hour of trade if we see in progress on intraday
charts....
Cheers....
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