Penultimate Levels

Hi All,

Nifty respected the levels of 7700 in the morning trades yesterday however surpassed the levels in the second half and closed above the resistance area.

Which means Nifty will now head towards the penultimate levels of 7740-7780-7800-7840, bulls are advised to stay cautious near these levels are as they are daily resistance areas. Above 7800-7840, possibly Nifty can rally towards 7970-8000 levels.

We will initiate a trade provided there is an evidence on the intraday charts.

Levels to watch out for –

Supports – 7690-7660-7600-7570-7500

Resistances - 7740-7780-7800-7840

Cheers

Bull’s Day Out . . .

Hi All,

Yesterday, markets expected a strong pull back in later part of the session thanks to expectation of better monsoons this year and a surprise closed door Fed meeting last night.

Nifty fell marginally and broke Friday’s low, however managed to bounce back and close positive by more than 100 points. As it has created a higher top higher bottom formation, the lows near 7500 will be very crucial, however jumping on the long trade in morning trades today may not be advisable as Nifty has rallied till 7680 levels which is 61.8% retracement of the fall from 7777 to 7515....

Levels of 7680-7700 will be very crucial for the upside to continue going further. A trade should only be initiated when we see any confirmation on charts, like we had a sell on rise strategy but after a strong rise yesterday we did not get any negative signal and we didn’t short the markets.

Levels to watch out for –

Supports – 7640-7600-7570-7500

Resistances – 7700-7740-7780-7800

Cheers

Wait and Watch . . . . ! ! ! !

Hi All,

Adhering to my previous view, Nifty is looking bearish and the sell on rise strategy might be fruitful in this scenario.

On Friday, Nifty traded in a tight range of around 40 points, and is expected to open on a flat note today, thanks to the global cues as the SGX Nifty is up by 8 points.

For any intraday upmove, Nifty has to necessarily cross the levels of 7570-80, above which it can move up to a strong resistance area near 7600.... One can look forward for selling opportunities near the resistance, provided charts give a confirmation for the same.

Levels to watch out for –

Supports – 7530-7510-7470-7400

Resistances – 7570-7610-7650-7700-7750-7780

We will initiate a trade after getting a suitable confirmation on charts.....

Cheers