Today Nifty opened gap up by 45pts to 7175 level, crossed major resistance level of 7208 and made of high of 7225 in futures, we have seen some pressure above 7200 levels, market dragged to 7126 levels to fill the Inraday gap, we have also seen market couldn't sustains below yesterday high of 7134, that's very much positive indication for buyers. and at the end nifty closed at 7183 which is above Intraday weighted average of 7178.
For tomorrow trend will remains Positive till it sustains above 7100 levels in futures, Swing traders can hold long positions with stop loss of 7120, & positional traders can hold position with stop loss of 7000 on closing basis, above side we have major resistance at 7241(i.e. 50% of current correction starts from 7606 to 6875), above 7241 we may level of 7327(refer chart) in few days.
Support - 7240, 7285
Resistance - 7120, 7075
For tomorrow trend will remains Positive till it sustains above 7100 levels in futures, Swing traders can hold long positions with stop loss of 7120, & positional traders can hold position with stop loss of 7000 on closing basis, above side we have major resistance at 7241(i.e. 50% of current correction starts from 7606 to 6875), above 7241 we may level of 7327(refer chart) in few days.
Support - 7240, 7285
Resistance - 7120, 7075
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