IMPORTANT NIFTY LEVELS WATCH FOR 03/05/2016

Important Nifty levels watch for 03 May 2016 –

Support 1 (S1) – 7790

Support 2 (S2) – 7775-7770

Support 3 (S3) – 7710

Resistance 1 (R1) –7820 to 7830

Resistance 2 (R2) –7850

Resistance 3(R3) – 7890

Nifty will be strong above 7830 for the target of  7850-7890-7920-7980.

Nifty will be weak  below 7770 for the target of 7720-7670.

From the last two trading sessions Nifty has made a long legged doji and a hammer like pattern on daily chart. It clearly indicates the exhaustion among bears at crucial support 7775 to 7770. Trading and closing of Nifty above 7830 will confirm the pattern and most likely the uptrend resumes .

Nifty trading and closing below 7770 would be the continuation of bearish pullback up-to 7710 – 7670 /7650. (7650 to 7660 would also be the target of bears in case double top pattern at 7980 and 7990 gets confirmed.) If it happens then uptrend should resume from 7670/7650 level.

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