Hi All,
Yesterday, Nifty created a lower low than Friday and closed lower by almost 50 points near 7805.
With this close, it also closed below the Evening Star Pattern mentioned in last week, so prima facie, the bias will be negative going forward, however Nifty is now trading near the Window Support of 7710-7770 and it will be very crucial,
Nifty has also marginally broken an upward trend line (shown in the image below) on daily charts which again is a bearish sign and suggests that it might come down till 7720-7750 levels to fill the gap mentioned earlier.
The bias after these two developments will change to negative and markets are expected to trade lower unless we see a significant bullish development on charts.
Levels to watch out for today -
Supports - 7770-7740-7700-7670
Resistances- 7835-7870-7900-7950
Cheers.....
Hrishi
Yesterday, Nifty created a lower low than Friday and closed lower by almost 50 points near 7805.
With this close, it also closed below the Evening Star Pattern mentioned in last week, so prima facie, the bias will be negative going forward, however Nifty is now trading near the Window Support of 7710-7770 and it will be very crucial,
Nifty has also marginally broken an upward trend line (shown in the image below) on daily charts which again is a bearish sign and suggests that it might come down till 7720-7750 levels to fill the gap mentioned earlier.
The bias after these two developments will change to negative and markets are expected to trade lower unless we see a significant bullish development on charts.
Levels to watch out for today -
Supports - 7770-7740-7700-7670
Resistances- 7835-7870-7900-7950
Cheers.....
Hrishi
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