Important nifty levels watch for 29th march 2016

Support 1 (S1) – 7585

Support 2 (S2) -7540

Support 3 (S3) -7520

Resistance 1 (R1) -7670 to 7680

Resistance 2 (R2) -7690 to 7700

Resistance 3(R3) -7750

Nifty will be strong above 7670 on intraday for the target of 7690-7750.

Nifty will be weak below 7585 for the target of 7540-7520-7480.

Please note that on weekly chart Nifty has made “bearish engulfing pattern”. Nifty starts closing below 7587 will be a confirmation of the pattern and trend reversal.

Closing of Nifty above 7726 to 7730 will negate the reversal and signal continuation of Uptrend.

So please, avoid any bullish positional trade until Nifty starts closing above 7726 to 7730.

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