Nifty Chart and Trading advises in today's Market

Nifty opened on a positive note and started trading in a range of 7670 to 7640. In the last half an hour of trade, it broke this range upside and made a high of 7694, finally it ended at 7683 with a gain of 1.07%. The Advance Decline ratio was almost 2:1.

Nifty witnessed some short covering and closed near to 7700 mark. But we feel 7720 is a strong resistance of immediate term thus one should take long position only if it closes above 7720. However the short term resistance is still placed at 7840. On the downside, if it broken 7582, which is 61.80% retracement level then it can test 7500 mark.

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Nifty Overview

Nifty opened almost flat and started trading in a narrow range of 7770 to 7790. But in the afternoon session, it broke this range downside and fell sharply; it made a low of 7711 and finally ended at 7721 with a loss of 0.90%. The Advance Decline ratio was almost flat.

We maintain bearish view on Nifty with the target of 7680, which is 38.20% retracement level of its recent upmove from 7422 to 7840. If Nifty fell below 7680 then it can even test 7631, which is 50% retracement level. On the upside, 7800 mark will play as an immediate term resistance; however one should take fresh long position only above 7840.

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