Momentum shifting in favor of bears.
Nifty future hurdle 8765
Resistance 8850 8910
Supports 8600 8500
Nifty future closed the week on a very weak note. The momentum slowly has been in favor of bears. Fridays trading session witnessed heavy selling pressure after. Nifty future opened gap up at 8873.90 and slide down continuously from the opening correcting all the way to make intraday lows of 8652.15 and closed the week at 8674.40
Now from Monday’s trading session if nifty future managed to sustain above 8700 then will move for 8765. A close above 8765 will be the first sign of bulls coming back in control and 8850 8910 will be next upside levels for nifty thou chances of which are remote.
Bias is negative since nifty future closed below 50 DMA on Friday’s trading session and if it is unable to sustain above 8700 correction can further be extended towards 8645-8600 and there after the next major support area is at 8500.
Rsi is trading at 43.40 the lowest since last one month indicating the momentum is on downside. Short term trend is down use rallies to light positions.
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