India Nifty@9th May 2015—Move above 7780

India Nifty@9th May 2015—Move above 7780 shall give us clue for upside leg.
Almost 300 points down from 7992 top on 28th April 2016. Again the move is very confusing & choppy so we shall be looking for one more leg up in the zone 8100-8200.
This upside shall open up once we go past 7780. In previous few sessions, I have mentioned the importance of that mark@7780...Prices earlier made a low 7777.30 & after breaking that mark, on Friday 6th May 2016, Nifty went very close to 7780 but did not cross the level & made high@7777.55. So, we know how important that mark shall be for future sessions.
On weekly basis 7890 is important mark, failure to cross 7890 on weekly basis can make nifty move in range of 7700-7890, Any cross above 7890 shall be positive & we can look in the zone 8100—8200.
If we cross 7780 then we shall put the pullback from 7992 as triple correction .

Regards,
Abhishek H.Singh, CMT

Comment:

Typing Error--- 9th May 2016

Trade active:

Book Partial Profits @7835....Prices going below 7820..can push lower may be in the zone 7780--7795...Regards