Hi All,
Yesterday, markets expected a strong pull
back in later part of the session thanks to expectation of better monsoons this
year and a surprise closed door Fed meeting last night.
Nifty fell marginally and broke Friday’s
low, however managed to bounce back and close positive by more than 100 points.
As it has created a higher top higher bottom formation, the lows near 7500 will
be very crucial, however jumping on the long trade in morning trades today may
not be advisable as Nifty has rallied till 7680 levels which is 61.8%
retracement of the fall from 7777 to 7515....
Levels of 7680-7700 will be very crucial for
the upside to continue going further. A trade should only be initiated when we
see any confirmation on charts, like we had a sell on rise strategy but after a
strong rise yesterday we did not get any negative signal and we didn’t short
the markets.
Levels to watch out for –
Supports – 7640-7600-7570-7500
Resistances – 7700-7740-7780-7800
Cheers
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