IMPORTANT NIFTY LEVELS WATCH FOR 06/05/2016

Important Nifty levels watch for 06 May 2016 –

Support 1 (S1) –7730

Support 2 (S2) – 7710 to 7700

Support 3 (S3) – 7670

Resistance 1 (R1) –7750

Resistance 2 (R2) – 7777 to 7780

Resistance 3(R3) – 7850

Nifty will be strong above 7750 for the target of  7780-7850-7890-7950.

Nifty will be weak  below 7690 for the target of 7670-7650.

Today Nifty has made a long legged doji,  clearly indicates indecision in the market.Bulls will need trading and closing of Nifty above 7777 to signal the end of bearish pullback, whereas closing of market below 7700 will provide more strength to bears and could be continuation of the pullback up to 7670-7650 level.

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