India Nifty@23rd May 2016- Reaching close to 7680 – A key level

India Nifty@23rd May 2016- Reaching close to 7680 – A key level

If Index moves below 7745- it could get support in the range 7705-7715 & going below 7700- it can touch 7680-90 which is key level for the market.

Once we breach 7680- Index will confirm that it has started downtrend move. I shall be looking for the zones mentioned above as support zones where a temporary halt could be possible with important resistance@7890.

Incase, if we have pull back & index goes above 7890- then we need to come back again for analysis.

Trading Strategy-

Going below 7745—look for support in the zone 7705—7715 & 7680—7690—Intraday with day’s high as stop.

Regards,
Abhishek H.Singh, CMT

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Take short only below 7730 now....