watch 7930 & 8055

THE TECHNICALITY · The above is a Nifty Spot Daily graph. · Resistances on NIFTY are 7981 / 8008 / 8055. · Support Levels for NIFTY are 7931 / 7875 / 7850. · Technically leg 'e' completes the triangular set up & decline should follow soon, but as stated even in the last issue, that internally leg 'd' & leg 'e' developed In a way giving signs of caution. · Such caution may extend the current leg 'e' to a Wave 'X' on the upside. · Hence, watch out to the levels. Break of 7930 would invite bearishness for final 5th phase while on the upside crossover of 8055 will invite more bullishness for the time only to delay the remaining decline. · Good Luck..

THE OUTLOOK · Last trading day was a bull opening in the first half which ended on a weak note by the end of the trading session as technically predicted in the last issue. · Stock specific trading would prove beneficial. · Watch out for the mentioned levels before indulging in the index. · Time for some option trading.