Hi All,
As expected on Friday, Nifty witnessed a
sharp recovery after the negative opening by more than 300 points. Nifty also gave
an indecisive Rickshaw Man candle on weekly chart, it is supported with a bullish
Hammer pattern on daily charts that too near a Supertrend support.
Rickshaw Man pattern usually becomes active
if the prices give either side breakout. Which means 8285-8300 on the higher
side and 7920-7900 on the lower side will act as crucial areas going forward.
For witnessing an upmove Nifty should first
surpass the 8100-8115 levels (High of the Hammer) and should sustain above 8120-8150
levels. On the lower side 8030-25 will act as a key intraday supports
for Nifty.
The view on
the markets going forward will be indecisive with a slight bullish bias if
Nifty manages to surpass the levels of 8100-850....
Cheers
