Hi All,
Hi All,
After a
daily bearish engulf pattern and a candle divergence on RSI, Nifty went down in
early trades by around 20 points, however bounced back smartly from the lows of
8470-80…..
8470-60
level is the key for the bulls below which the downside can be accelerated.
Also Nifty gave a Hammer candle on hourly charts near the support area of 8470…..
and it surpassed the high of the hammer.
Breaking 8525-35
levels can mean a little more upside can be seen in Nifty till 8560-8600.
However for
a fresh upmove a close above 8600 or a surpassing the areas of 8640-8660 is
going to be very crucial.
The intraday
bias can be positive till the time Nifty is holding on to 8470 levels.
Moreover
there is a Gap up support on daily chart in Nifty near 8475-80 levels and Nifty
took support near these levels twice in recent past, a break of that level can
mean a convincing victory for bears.
Cheers
