The Nifty in the past
session crossed the 7700 mark but couldn’t sustain above the same and ended
with the bearish candlestick this signifies bears are having upper hand.
However, trend reversal will be confirmed only if the index sustains below
7580. On the intraday chart the index is trading in the rising channel and
resistance line is pegged at 7725 level, on cross of 7665 level the Nifty
will attempt to test the resistance line at 7725. Bulls can continue to
maintain SL at trend reversal level of 7580 and hold for the upside target of
7860. If the index sustains below 7580 then bears will drag it to lower
levels of 7500. Negative divergence is visible on daily RSI supporting our view
in the index.
NIFTY FUTURE
NIFTY FUTURE
