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Nifty: Early Signs of Stability

Long
NSE:NIFTY   Nifty 50 Index
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Nifty 50 index managed to close on a positive note yesterday. In this 15-minute chart, the price is current positioned just below the cloud. A breakout and retest of this level could push the index to the 75-minute resistance level of 8,065.

A close above 8,065 in the 75-minute chart would be a strong signal of a possible short-term rally to 8,250-8,300 zone which is the major resistance in the Daily time frame.

Key levels to look forward to is 8,065 in the 75-minute chart. The recent low of 7,888 becomes the key reference point on the way down. As long as this 7,888 is not breached, a pull back to 8,250-8,300 is not ruled out.

But, let's take one-step at a time and watch what price does at 8,065.
Comment: Nifty edges above the resistance level talked about in the previous update. Have a look at the 75-minute chart as well. Time frames lining up well for a short-term rally.

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nice call
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