Hi All,
As expected, Nifty rallied sharply after
the said levels and is marching towards resistance area of a Window (A Gap Down
Opening) near 8209-8220.....
Also, Nifty yesterday created a small Star
Candle which shows a lot of indecisiveness near the gap, showing a sign of
concern for bulls going ahead. For the current rally to continue upward, Nifty
should ideally close above the gap, i.e. 8217-8220.....
Nifty is overbought as per the oscillators
on daily and weekly chart which suggests at least a pause / break in the
current up run.
Traders with longs, are suggested to hold
tight trailing stop losses, and the strategy for markets will be buy on dips
with stop losses below supports.
Levels to watch out for intraday are –
Supports – 8140-8100-8060-8000-7940-7850
Resistances - 8230-8260-8340
Cheers
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