Hi All,
After sliding down to 7670 levels from the
high of close to 8000, Nifty on daily charts has given a Supper Hammer Pattern (Green
Hammer) which is a bullish indicator.
However the same is confirmed only when
markets surpass the high of Friday, i.e. 7738-40, also it will gain further
momentum above 7780 levels which is an area of resistance.
Moreover, the Hammer is formed on a Daily
Supertrend Line (Trend Following Indicator), which increases its significance.
In a nutshell, if Nifty manages to stay
above the key levels of 7740-80, we can expect a sustainable pull back in Nifty
with targets near 7890-7930-7990
Levels to watch out for –
Supports – 7710-7660-7580-7500
Resistances – 7750-7780-7860-7890-7950-8000
Cheers - - -
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