Hi All,
In past few session we saw that Nifty is not able hold on to the higher levels and experiencing selling pressure.
There are multiple negative signs appearing on charts... Shooting star on weekly charts, a bearish engulf on daily charts near a gap resistance, RSI taking resistance near 60 mark on daily charts and a triangle breakdown on hourly charts (however the targets are almost achieved near 8800-8790....)
By keeping all this in mind, 8750-40 will be very crucial for Nifty for short term, the mid term bias will be positive if Nifty trades above 8680 levels... Even Nifty currently holds on to the trend line drawn on the hourly charts by connecting recent lows....
Below these levels, we can expect Nifty to fall further till 8620-8540-8500-8470 levels.
On the upper side 8820-8900-8920-9000 will be key hurdles for bulls.
Traders are advised to trade only after a confirming evidence on charts,,.....
Cheers
In past few session we saw that Nifty is not able hold on to the higher levels and experiencing selling pressure.
There are multiple negative signs appearing on charts... Shooting star on weekly charts, a bearish engulf on daily charts near a gap resistance, RSI taking resistance near 60 mark on daily charts and a triangle breakdown on hourly charts (however the targets are almost achieved near 8800-8790....)
By keeping all this in mind, 8750-40 will be very crucial for Nifty for short term, the mid term bias will be positive if Nifty trades above 8680 levels... Even Nifty currently holds on to the trend line drawn on the hourly charts by connecting recent lows....
Below these levels, we can expect Nifty to fall further till 8620-8540-8500-8470 levels.
On the upper side 8820-8900-8920-9000 will be key hurdles for bulls.
Traders are advised to trade only after a confirming evidence on charts,,.....
Cheers
