Hi All,
Though Nifty managed to close above 7700 mark,
for a while it had violated that level, we were fortunate enough to book a
small loss in the Long trade initiated at 7725-30....
Going forward, the bias for markets looks
negative, especially after looking at weekly charts. A Doji pattern has got
formed near a Super Trend resistance area which is surely a bearish sign and a
close below the low of Doji, i.e. 7842 (7788 to be on a safer conservative
side) will mean lower targets for Nifty near 7600-7500 will get opened. (Please
refer the chart)
Today and tomorrow’s trading will be very
crucial for markets for weekly closing and any hope for bulls will only occur
if we have strong positive days, however the probability for the same looks meager.
Levels to watch out for today -
Supports - 7690-7660-7585
Resistances- 7730-7750-7780-7800-7860-7890-7910
Cheers.....
Hrishi
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