Hi All,
A sharp bounce after a huge gap
down opening showed lot of hopes for bulls in the first half of the session,
however, yet another time, Nifty could not surpass the key level of 7900 and
witnesses one more selling pressure near the levels.
As mentioned quite a few
times earlier, the bias for Nifty will be positive only after sustaining above
7900 levels that too with some bullish confirmation, till then bears will have
an upper hand with supports near 7800-7770-7730.
One encouraging thing for bulls
is that the level of 7900 has provided selling for bears for too many times now
and hence has become weaker, which means chances of the same getting broken are
higher. However on hourly charts, Nifty has created a Lower Top Lower Bottom
formation which will not augur well for bulls as it’s a bearish sign.
It is advisable for traders to
trade after an authentic confirmation on charts with strict stop losses.
Supports –
7830-7800-7750-7710-7670
Resistances –7890-7950-8000
Cheers - - -
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