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 ...

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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 ...

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