Market Report by Mustafa Nadeem CEO Epic Research

Nifty has been consecutively giving bearish signals for this week as the third day we ended with a bearish candle signalling upside being Holded by bears which can result into honey trap for bulls.Nifty made a shooting star which is characterized by long upper shadow coupled with a bearish candle and that too formed after bearish belt hold confirms the bearishness going forward.

Nifty is having stiff resistance at 8250 - 8300 levels where supply continues to be higher while on the downside we may witness lower levels of 8120 8070 8029 in coming trading sessions. Since we have been in intermediate uptrend so sell on rise strategy should be used for traders to take benefit of risk reward ratio.

Source : Equity Bulls

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