11th July 2016 (Monday)

Intraday levels

Resistance1- 8430.
Has to trade above 8430 for further intraday uptrend
Next Resistance2 - 8510.
In-case of any possible reaction, then support below is at 8430.
Incase of any further trading below 8430, then next support below is at 8400.
Support 1 - 8430 - Next Support 2 - 8400

Market Short-term trend :
Short-term consolidation possible
(Nifty cash)

Trend is positive. But Market is now facing major resistance at higher levels at 8410. Market is now close to recent, last week's high. Nifty has to close strong above 8400, for further uptrend. Position traders may continue long positions in Nifty or stock futures with a stoploss below 8400, on a closing basis. Market has to show strength and has to consolidate for a further short-term uptrend. Then the next major resistance above is at 8500, where a consolidation is possible.

Disclaimer: This content is only for Education and for Information purpose. There is risk of loss in the stock markets and it is not suitable for all Investors/Traders. Returns in the market are dependent on market conditions. The analysis made herein is based on Technical Analysis, and is subject to change. Readers of this column are advised to use their own discretion before trading or investing in the financial markets and they are only solely responsible for their actions.

Position advice
Intraday advice
Turning points