IMPORTANT NIFTY LEVELS WATCH FOR 20/04/2016

Important Nifty levels watch for 20 April 2016 –

Support 1 (S1) – 7890

Support 2 (S2) – 7870

Support 3 (S3) – 7840

Resistance 1 (R1) – 7920

Resistance 2 (R2) – 7950

Resistance 3(R3) – 7980

Nifty will be strong above 7920 for the target of 7950-7970-8050.

Nifty will be weak below 7840 for the target of 7800-7770-7700

Please note that a Hanging man pattern has  been formed in daily and weekly chart of Nifty. So Nifty trading and closing  below 7840 might trigger a bearish pullback up to 7800/7770/7700.

Although, Nifty closing above 7920 will negate the pattern but the bearish reversal pattern is a sign of exhaustion in bullish momentum. So, buy Nifty only  if it  trades above 7980 and we can see it to 8050-8090 level.

 

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